REG - Nostrum Oil & Gas - Further update on Kazakhstan withholding tax

Nostrum Oil & GasAnnouncement

17/02/2026 12:00

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RNS Number : 3677T  Nostrum Oil & Gas PLC  17 February 2026

 

 

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

London, 17 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 announcements on 3 February 2026 and 9 February 2026.

 

Today ZKM received notifications that based on the results of the meeting of
the RoK Ministry of Finance Appeal Board (the "Appeal Board") held on 13
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 Appeal Board rejected ZKM's appeal of the results of those tax
audits.

 

ZKM believes that the Appeal Board should have suspended the appeal pending
the outcome of the mutual agreement procedure ("MAP") initiated by the Dutch
tax authorities 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.

 

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.

 

ZKM is in the process of appealing the Appeal Board's decisions to the first
instance courts of the RoK and is also considering its treaty-based options.

 

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

 

Notifying person

Thomas Hartnett

Company Secretary

 

 

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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