Friday 17 March 2023

US-based international energy company EMOV has become the largest shareholder of UK-based oil and gas company Nostrum Oil & Gas, with ownership of 18.9% of Nostrum's issued shares, the company said.

Terms of the transaction were not disclosed.

Nostrum's primary production asset is the Chinarevskoye field in north-west Kazakhstan, which was developed under a Production Sharing Agreement. Daily production of natural gas and condensate averaged 13,200 BOE/day in 2022.

The Nostrum investment gives EMOV an immediate presence in the Caspian region as it continues to evaluate additional acquisition opportunities.

EMOV's focus is the acquisition and management of high-demand energy assets in two target regions, Europe and the Caspian, where the EMOV team has extensive operating experience.