RCS - Nostrum Oil & Gas - Update re Kazakhstan withholding tax disputes

Nostrum Oil & GasAnnouncement

09/02/2026 09:30

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RNS Number : 2349S  Nostrum Oil & Gas PLC  09 February 2026

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FOR IMMEDIATE RELEASE

 

 

London, 9 February 2026

 

 

Further update regarding Kazakhstan withholding tax disputes

 

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 of Western Kazakhstan, provides a further update on withholding tax
disputes involving its principal operating subsidiary, Zhaikmunai
LLP ("ZKM") and the tax authorities in the Republic of Kazakhstan ("RoK"),
following on from its announcement on 3 February 2026.

At a hearing on 6 February 2026 regarding ZKM's challenge to tax claims by the
RoK tax authorities resulting from their tax audits of ZKM for the years 2018
and 2019, the RoK Ministry of Finance Appeal Board (the "Appeal Board")
postponed its decision. ZKM understands that the Appeal Board is reviewing and
considering communications from the Dutch tax authority pursuant to the mutual
agreement procedure ("MAP") under the relevant double tax treaty between the
Kingdom of the Netherlands and the RoK (the "RoK-NL Treaty") in respect of
the pertinent claims, which may result in the suspension of the appeal pending
the outcome of the MAP.

Paragraph 3 of Article 4 of the RoK Constitution provides that international
treaties ratified by the RoK (such as the RoK-NL Treaty) have priority over
RoK domestic laws (including the RoK tax code) and RoK Supreme Court precedent
provides that where an international treaty contains a mutual agreement
procedure such as the MAP, for the good faith performance of the treaty such
mutual agreement procedure, when invoked, should be conducted between the
competent authorities of the two states party to the treaty to achieve the
goals of such treaty.  A treaty party may not invoke the provisions of its
internal law as justification for a failure to perform its treaty obligations.

As previously announced, the Company believes that the tax claims made by the
RoK tax authorities resulting from their tax audits of ZKM for the years 2018,
2019, and 2020, which deny ZKM the benefit of relevant and valid exemptions
from, or reductions to, withholding tax payable under RoK law on certain bonds
issued by Group companies, remuneration on an intra-Group loan, and income
from consulting services, respectively, are without merit.

The Company continues to monitor developments closely and will continue to
defend its interests and to assess all available legal and treaty-based
remedies.

Further updates will be issued as appropriate.

 

LEI: 2138007VWEP4MM3J8B29

 

Further information

For further information please visit www.nostrumoilandgas.com
(http://www.nostrumoilandgas.com)

 

Further enquiries

Nostrum Oil & Gas
PLC

Yelena Zhuravleva, CFO

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

 

TEAM
LEWIS
 
 

Galyna Kulachek

+ 44 (0) 20 7802 2664

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

 

About Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent mixed-asset energy company with
world-class gas processing facilities and export hub in north-west Kazakhstan.
Its shares are listed on the London Stock Exchange (ticker symbol: NOG). The
principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye
field which is operated by its wholly-owned subsidiary Zhaikmunai LLP, which
is the sole holder of the subsoil use rights with respect to the development
of the Chinarevskoye field. The Company also owns an 80% interest in Positiv
Invest LLP, which holds the subsoil use rights for the "Kamenskoe" and
"Kamensko-Teplovsko-Tokarevskoe" areas in the West Kazakhstan region (the
Stepnoy Leopard fields).

 

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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