FOR IMMEDIATE RELEASE

London, 15 June 2022

Proposed Scheme of Arrangement of the Company

Date of Scheme Convening Hearing

Further to the announcement issued by Nostrum Oil & Gas PLC ("Nostrum", or "the Company") on 11 May 2022 regarding the Practice Statement Letter distributed on that date in relation to the Scheme, notice is hereby given that the Company now anticipates that the Scheme Convening Hearing will take place at the Business and Property Courts in the High Court of Justice of England and Wales on 20 June 2022. The exact time and location to be confirmed by the Court in due course.

Once the Court confirms the time and location of the Scheme Convening Hearing (which it is expected to do on or around 17 June 2022), the Company intends to make a further announcement providing these details. The time and location of the Scheme Convening Hearing will also be published by the Court on the Business and Property Courts Rolls Building Cause List, which can be accessed via the following link: https://www.justice.gov.uk/courts/court-lists/list-cause-rolls2.

At the Scheme Convening Hearing, the Company will seek an order granting it certain directions in relation to the Scheme, including permission to convene a meeting for the Scheme Creditors for the purpose of considering, and, if thought fit, approving the Scheme.

Any Scheme Creditor is entitled to attend the Scheme Convening Hearing to make representations to the Court, or to instruct counsel to attend the Scheme Convening Hearing and to make representations to the Court on his or her behalf.

Scheme Creditors who wish to attend the Scheme Convening Hearing, or who wish to instruct counsel to attend the Scheme Convening Hearing and to make representations to the Court on their behalf, should contact the Court or White & Case LLP (as the Company's co-counsel on the Scheme) by email to WCProjectNewport@whitecase.com specifying their name and email address, and if applicable, the name and email address of their counsel.

Capitalised terms used but not defined in this announcement have the meaning given to them in the Practice Statement Letter, which is available to the Scheme Creditors on the Scheme Portal (accessible via the Scheme Website at https://glas.agency/investor_reporting/nostrum-oil-gas-plc/).

LEI: 2138007VWEP4MM3J8B29

Further information

For further information please visit www.nog.co.uk

Further enquiries

Nostrum Oil & Gas PLC                                                

Shane Drader - Chief Financial Officer

ir@nog.co.uk                                                                                                     

GLAS Specialist Services Limited

Information Agent

lm@glas.agency

+44 20 3597 2940

Instinctif Partners - UK                                                                                        

Tim McCall

Sarah Hourahane

Galyna Kulachek

+ 44 (0) 207 457 2020

nostrum@instinctif.com

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) 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.