REG - Nostrum O&G Finance - Parent Company Update on Interest Payments

PJT PartnersAnnouncement

24/07/2020 09:00

RNS Number : 0009U
  
Nostrum Oil & Gas Finance B.V.
  
24 July 2020
  
 

 
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
 
Nostrum Oil & Gas Finance B.V.
 
Parent Company Update on Interest Payments
 
Amsterdam, 24 July 2020
 
Nostrum Oil & Gas Finance B.V. notes the announcement today of its parent company, 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, who today announces plans to utilise the applicable grace periods for the interest payments due on 25 July 2020 and 16 August 2020 with respect to the 8.0% Senior Notes due 2022 (the "2022 Notes") and 7.0% Senior Notes due 2025 (the "2025 Notes", and together with the 2022 Notes, the "Notes") issued by Nostrum Oil & Gas Finance B.V. (the "Issuer"). 
 
The 30-day grace period will allow the Company to continue active discussions with the financial and legal advisers to a steering committee of holders of the Notes, namely PJT Partners (UK) Limited and Akin Gump Strauss Hauer & Feld, respectively, with a view to entering into a forbearance agreement with the holders of the Notes in relation to those interest payments which is in the best interest of all stakeholders.
 
The 2022 Notes require interest payments, payable semi-annually, on 25 January and 25 July of each year. The 2025 Notes require interest payments, payable semi-annually, on 16 February and 16 August of each year. Under the terms of the indentures governing the Notes, it is an event of default if the Issuer defaults in any payment of interest when such payment becomes due and payable and such default continues for a period of 30 days.
 
The Company will make further announcements in due course, as appropriate.
 
LEI: 213800SGF6UKA42KSB50
 
Further information
For further information please visit www.nog.co.uk 
 
Further enquiries
Nostrum Oil & Gas PLC
Martin Cocker CFO
ir@nog.co.uk                                                                                                   
 
Instinctif Partners - UK                                                                                                
Mark Garraway
Sarah Hourahane
Dinara Shikhametova
+ 44 (0) 207 457 2020
nostrum@instinctif.com 
                                                                                                 
 
About Nostrum Oil & Gas
Nostrum Oil & Gas Finance B.V. is the finance subsidiary of Nostrum Oil & Gas PLC, and the issuer of the Nostrum group's public debt, which is guaranteed, among other group entities, by Nostrum Oil & Gas PLC.  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 principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100% interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP. In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, these exploration and development fields are situated between approximately 60 and 120 kilometres from the Chinarevskoye 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 or 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 Nostrum Oil & Gas Finance B.V., the Company or any other entity, and shareholders of the Company and bondholders of Nostrum Oil & Gas Finance B.V. are cautioned not to place undue reliance on the forward-looking statements. Save as required by the relevant listing rules and applicable law, neither Nostrum Oil & Gas Finance B.V. nor the Company undertakes to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 


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