REG - Nostrum Oil & Gas - Board changes

Nostrum Oil & GasAnnouncement

14/02/2023 16:30

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RNS Number : 9159P  Nostrum Oil & Gas PLC  14 February 2023

 

London, 14 February 2023

 

Board changes

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum" or the "Company"), an
independent oil and gas company engaging in the production, development and
exploration of oil and gas in the pre-Caspian Basin, announces, following the
completion of the restructuring of the Group's US$725 million 8.0% Senior
Notes due July 2022 and the US$400 million 7.0% Senior Notes due February
2025, in each case issued by Nostrum Oil & Gas Finance B.V. (the
"Restructuring"), the following changes to the Board effective from today, 14
February 2023:

·     Atul Gupta has stepped down as Executive Chair and from the Board;

·     Sir Christopher Codrington, Bt, Martin Cocker and Kaat van Hecke
have each stepped down from the Board;

·     Stephen Whyte has been appointed as Independent Chair and a
Non-Executive Director;

·     Martin Gudgeon has been nominated by the trustee of the warrants
issued in connection with the Restructuring as the Warrant Director and has
been appointed as a Non-Executive Director;

·     Chris Cox, Christopher Hopkinson and Fiona Paulus have each been
appointed as Independent Non-Executive Directors.

Arfan Khan remains as the CEO and a Director of the Company.

Atul Gupta, the previous Chair of the Company, commented:

"I am delighted the restructuring has completed and the Company can embark on
its plans to create significant stakeholder value. I would like to thank the
outgoing Directors for their tremendous effort particularly through the
restructuring process and would like to wish the incoming Board and staff
every success for the future."

Stephen Whyte, the new Chair of the Company, said:

"I am pleased that Nostrum has attracted such a high caliber new Board of
Directors to support our strong executive team. I am confident they will play
an important role in helping to unlock the value of the Group's world-class
gas processing infrastructure in Kazakhstan whilst guiding the executive team
in safeguarding the base business."

Brief biographies of each of the new Directors are provided below:

Stephen Whyte

Stephen Whyte is a seasoned FTSE and AIM Chairman and Non-Executive Director
in the global energy sector with direct experience in Kazakhstan. Stephen was
previously Chairman at Genel Energy and Sound Energy and a Non-Executive
Director at Echo Energy and JSC National Company KazMunaiGas. Stephen was
appointed as a Board observer to the Company on behalf of the noteholders
during the Restructuring.  Stephen is also an Independent Non-Executive
Director at Beacon Energy.

Chris Cox

Chris Cox brings to the Board more than 40 years of experience in the global
oil and gas upstream sector. Having held various senior roles with BG Group,
Amerada Hess, and Chevron throughout his career, Chris served most recently as
CEO of Spirit Energy and Managing Director of Centrica Plc. His advisory
experience includes serving as Non-Executive Chairman of Kellas Midstream from
2015 to 2020. Chris is currently a director and the interim CEO of Capricorn
Energy plc.

Martin Gudgeon

Martin Gudgeon is a Partner and Chairman of the EMEA & Asia Restructuring
and Special Situations Group ("RSSG") at PJT Partners, based in London. Mr.
Gudgeon is also a member of the firm's RSSG Operating Committee. Prior to
joining PJT Partners, Mr. Gudgeon worked at Blackstone for eight years,
serving as a Senior Managing Director. Previously, Mr. Gudgeon was the Chief
Executive and Head of Restructuring at Close Brothers. Martin was previously a
Non-Executive Director at Genel Energy.

Christopher Hopkinson

Christopher Hopkinson has 35 years of experience in the global oil and gas and
energy sectors. Chris began his career with Shell International, followed by
technical and management roles with Yukos and Lukoil Overseas, before becoming
Chief Executive Officer of Imperial Energy Group up until its acquisition by
ONGC in 2009. He was then Vice-President Western Siberia for TNK-BP, Senior
Vice-President North Africa for BG Group, Chief Executive Officer of
International Petroleum Limited, and Chief Operating Officer for JSC National
Company KazMunaiGas. Chris is currently non-executive Chairman of Enwell
Energy, interim Executive Chairman of IGas Energy and founder of Astra
Resources Management and Antelopus Energy.

Fiona Paulus

Fiona Paulus has 37 years of investment banking experience. She has held
senior roles at leading international investment banks. These include Head of
International Investment Banking at CIBC, EMEA Head of Private Equity &
Infrastructure Funds at Royal Bank of Scotland, Global Head of Energy and
Resources at ABN AMRO Bank, and various senior roles at Societe Generale,
JPMorgan & Citigroup in the UK, Europe, Australia, and Latin America.
Fiona is a Senior Adviser in the Metals & Mining business at Gleacher
Shacklock LLP and currently a Non-Executive Director at Interpipe Group and
JSW Steel Limited.

LEI: 2138007VWEP4MM3J8B29

 

Further information

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

 

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

Vivian Lai

+ 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), the Astana International 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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