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

Nostrum Oil & GasAnnouncement

14/05/2026 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260514:nRSN3640Ea&default-theme=true

RNS Number : 3640E  Nostrum Oil & Gas PLC  14 May 2026

 

 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

London, 14 May 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, 9 February 2026 and 17
February 2026.

 

On 13 May 2026, the first instance court of the RoK informed ZKM that it had
rejected ZKM's challenge to tax claims by the RoK tax authorities resulting
from their tax audits of ZKM for the years 2018 and 2019.

 

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.

 

Whilst the Company has not yet received the court's written judgment, the
Company is extremely disappointed with the decision of the first instance
court, as it believes the decision is not consistent with applicable laws. ZKM
intends to appeal the first instance decision. The Company is also considering
its international treaty-based remedies and will continue to defend its
interests.

 

The Company continues to monitor developments closely and 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

 

About Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent energy company with gas processing
infrastructure and an 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDAKQBPCBKKPPD



            Copyright 2019 Regulatory News Service, all rights reserved