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Nostrum Oil & Gas said it had agreed to acquire 50% of Positive Invest for $0.5m.
Positive Invest held the subsoil use rights to the Stepnoy Leopard licences in North Western Kazakhstan.
Nostrum said it also had the right to buy the remaining 50%, subject to the satisfaction of certain additional conditions, at a price of $0.27 per barrel of oil of proven and probable reserves.