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| Date | 30 Jan 2023 |
| Time | 16:48:36 |
| Category | Corporate updates |
| ID | 3096O |
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, 30 January 2023
Scheme of Arrangement and Restructuring of the Company
Update on Restructuring - Required Licences
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, today provides a further update on the proposed restructuring (the "Restructuring") of the Group's US$725 million 8.0% Senior Notes due July 2022 and US$400 million 7.0% Senior Notes due February 2025, in each case issued by Nostrum Oil & Gas Finance B.V.
As previously disclosed, a condition to the Restructuring was the receipt of certain outstanding required licences from the relevant sanctions authorities (or any confirmations that such licences are not required) necessary to implement the Restructuring.
The Company announced on 9 January 2023 that it had received the requisite licence from The Office of Financial Sanctions Implementation ("OFSI"), the authority for the implementation of financial sanctions in the United Kingdom.
The Company is pleased to confirm that it has now received confirmations of authorisation from the other relevant sanctioning authorities (namely, the Dutch Ministry of Finance and the Guernsey Policy & Resources Committee), confirming that licences will not be required in these jurisdictions to implement the Restructuring.
The Company appreciates the continued support demonstrated by its stakeholders. The Company will seek to proceed with the implementation and closing of the Restructuring as soon as practicable and will provide further update on the status of the Restructuring and its implementation in due course.
Capitalised terms used but not defined in this announcement have the meaning given to them in the Explanatory Statement, 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.nostrumoilandgas.com
Further enquiries:
Nostrum Oil & Gas PLC
Thomas Hartnett - Chief Legal Officer / Company Secretary
Instinctif Partners - UK
Tim McCall
Galyna Kulachek
Vivian Lai
+ 44 (0) 207 457 2020
Rothschild & Co Cie.
Simon Bard
Giovanni Salvetti
+33 1 40 74 40 74
White & Case LLP
Allan Taylor ([email protected])
James Greene ([email protected])
Will Stoner ([email protected])
+44 (0) 207 532 1000
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) 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.