/KASE, November 21, 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 December 21, 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, notes the recent media speculation
regarding the terms of a potential financial restructuring of the Company's
US$725 million 8.0% Senior Notes due July 2022 and/or its US$400 million 7.0%
Senior Notes due February 2025 (the "Existing Notes").
Since entry into a forbearance agreement with an informal ad hoc noteholder
group (the "AHG") in October 2020 (and during the term of a second forbearance
agreement signed in July 2021), the Company has engaged in discussions with the
AHG and its advisors with the aim of reducing its indebtedness, extending debt
maturities and lowering the Group's cost of funds. The Company notes that
discussions with the AHG on the principal terms of the proposed restructuring of
the Existing Notes, include a material reduction in continuing financial
indebtedness and the implementation of a debt for equity swap which would see
existing shareholders having a significantly reduced stake in the Company's
share capital.
However, no definitive documentation in respect of the implementation of such a
restructuring has been agreed with relevant stakeholders. The Company further
notes that the terms of the current Forbearance Agreement will expire at 11:59
p.m. (GMT) on 24 December 2021 unless further extended by all members of the
AHG.
The restructuring work is progressing, and the Company will make further
announcements when appropriate.
unquote
The complete press release is available on:
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_211221_1.pdf – in Russian;
-
https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_211221_eng_1.pdf – in
English.
[2021-12-21]