REG - Nostrum Oil & Gas - Update on Restructuring – OFSI Licence Approval

Nostrum Oil & GasAnnouncement

09/01/2023 13:45

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RNS Number : 1304M  Nostrum Oil & Gas PLC  09 January 2023

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RELEVANT LAWS OF THAT JURISDICTION

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

 

London, 09 January 2023

 

 

Scheme of Arrangement and Restructuring of the Company

Update on Restructuring - OFSI licence approval

 

Nostrum Oil & Gas PLC (LSE: NOG) (the "Company" and, together with its
subsidiaries, the "Group"), an independent oil and gas company engaging in the
production, development and exploration of oil and gas in the pre-Caspian
Basin, today provides further update regarding the proposed restructuring (the
"Restructuring") of the Group's US$725 million 8.0% Senior Notes due July 2022
and US$400 million 7.0% Senior Notes due February 2025, in each case issued by
Nostrum Oil & Finance B.V.

As previously disclosed, a condition to the Restructuring was the receipt of
certain required licences from the relevant sanctioning authorities (or any
confirmations that such licences are not required) necessary to complete the
Restructuring. The Company has now received a licence from The Office of
Financial Sanctions Implementation ("OFSI"), the authority for the
implementation of financial sanctions in the United Kingdom.

 

The Company continues to engage with the other relevant sanctioning
authorities, namely the Dutch Ministry of Finance and the Guernsey Policy
& Resources Committee, with respect to obtaining the required licences in
these jurisdictions (or alternatively, confirmation that such licenses are not
required). The Company believes all required information has been submitted to
the above mentioned authorities. Apart from the receipt of such licences (or
any confirmation from the relevant authorities that such licences are not
required), the Company is not aware of any additional barriers for the
completion of the Restructuring and will seek to progress with the closing as
soon as practicable, which is likely to be early in 2023 subject to the prompt
receipt of the remaining licences (or confirmation that such licenses are not
required, as applicable).

 

Arfan Khan, CEO of Nostrum, commented: "The approval of our licence
application is warmly welcomed by all of us at Nostrum and I am pleased that
we are now able to continue to pursue the Restructuring and bring stability to
our business. We also appreciate the continued support demonstrated by our
stakeholders and we will provide further updates on the status of the
Restructuring, and its implementation, in due course."

 

Capitalised terms used but not defined in this announcement have the meaning
given to them in the Explanatory Statement, which is available to the Scheme
Creditors on the Scheme Portal (accessible via the Scheme Website at
https://glas.agency/investor_reporting/nostrum-oil-gas-plc/
(https://glas.agency/investor_reporting/nostrum-oil-gas-plc/) ).

 

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

For further information please visit www.nog.co.uk
(file:///C%3A/Users/greenja/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/MXKQNISP/www.nog.co.uk)

 

Further enquiries:

Nostrum Oil & Gas PLC

Thomas Hartnett - Chief Legal Officer / Company Secretary

ir@nog.co.uk (mailto:ir@nog.co.uk)

 

Instinctif Partners - UK

Tim McCall

Galyna Kulachek

+ 44 (0) 207 457 2020

nostrum@instinctif.com (mailto:nostrum@instinctif.com)

 

Notifying person

Thomas Hartnett

Company Secretary

 

About Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent oil and gas company currently
engaging in the production, development and exploration of oil and gas in the
pre-Caspian Basin. Its shares are listed on the London Stock Exchange (ticker
symbol: NOG) and the Kazakhstan Stock Exchange (ticker symbol: GB_NTRM). The
principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field, that is being operated by a wholly-owned subsidiary of Nostrum Oil
& Gas PLC - Zhaikmunai LLP, who is the sole holder of the subsoil use
rights with respect to the development of the field.

 

Forward-Looking Statements

Some of the statements in this document are forward-looking. Forward-looking
statements include statements regarding the intent, belief and current
expectations of the Company or its officers with respect to various matters.
When used in this document, the words "expects", "believes", "anticipates",
"plans", "may", "will", "should" and similar expressions, and the negatives
thereof, are intended to identify forward-looking statements. Such statements
are not promises nor guarantees and are subject to risks and uncertainties
that could cause actual outcomes to differ materially from those suggested by
any such statements.

No part of this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest in the Company or any other entity, and
shareholders of the Company are cautioned not to place undue reliance on the
forward-looking statements. Save as required by the relevant listing rules and
applicable law, the Company does not undertake to update or change any
forward-looking statements to reflect events occurring after the date of this
announcement.

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