/KASE, May 20, 2021/ – NOSTRUM OIL & GAS PLC (United Kingdom), whose shares are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release dated May 19, 2021:
quote
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, today announces that the
Company and certain of its subsidiaries have entered into a second forbearance
agreement (the “Second Forbearance Agreement”) with members of an informal
ad hoc committee of noteholders. The forbearance period expires at 4 p.m. GMT
on 21 June 2021 unless extended in accordance with the terms of the Second
Forbearance Agreement.
Holders in excess of 49 per cent of the aggregate principal amount of Nostrum’s
8.0% Senior Notes due 2022 and in excess of 47 per cent of its 7.0% Senior Notes
due 2025 issued by Nostrum Oil & Gas Finance B.V. (the “Notes”) have entered
into the Second Forbearance Agreement.
Under the terms of the original forbearance agreement, certain holders of the
Notes agreed to forbear from the exercise of certain rights and remedies under
the indentures governing the Notes. The agreed forbearances included agreeing
not to accelerate the Notes' obligations as a result of certain missed interest
payments. A substantial number of additional holders acceded to the original
forbearance agreement following an invitation to accede thereto. However, that
agreement has now reached its longstop date and has automatically lapsed. The
Second Forbearance Agreement is substantially similar to the original
forbearance agreement
The restructuring work is progressing, and the Company will make further
announcements when appropriate.
unquote
The full press release is available on:
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_190521_1.pdf – in
Russian;
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_190521_eng_1.pdf – in
English.
[2021-05-20]