NOSTRUM OIL & GAS PLC announces restatement of impairment losses in 2020 financial statements

07.04.22 17:30
/KASE, April 7, 2022/ – 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 April 6, 2022: 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, announces that following an identification of an error which came to light during its ongoing 2021 financial statements audit process, it intends to make a further US$40 million asset impairment charge in its prior year 2020 financial statements, increasing the impairment charge from US$245 million to US$285 million for the year ended 31 December 2020. The Company notes that its current intention, subject to completion of the audit, is to reverse all of this increased impairment in the 2021 financial statements due to the significant improvement in hydrocarbon pricing at the end of 2021 versus prices at the end of 2020. The Company confirms the above restatement has no impact on the Group’s cash position. The Company will publish its full year financial results for the twelve months ended 31 December 2021, together with publication of the 2021 Annual Report, on Tuesday 26 April 2022. unquote The complete press release is available on KASE website: - – in Russian; - – in English. [2022-04-07]