NOSTRUM OIL & GAS PLC announces publishing letter on procedure for restructuring bonds of Nostrum Oil & Finance B.V.

12.05.22 15:49
/KASE, May 12, 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 May 11, 2022: quote Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or 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 ongoing 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 & Finance B.V. (the "Notes"). Following the announcements made on 23 December 2021 in respect of the Lock- Up Agreement dated 23 December 2021, and on 29 April 2022 regarding the approval of the Restructuring by the Company’s shareholders in the General Meeting, Nostrum is pleased to announce that it has today launched a scheme of arrangement (the "Scheme") via the issuance of a practice statement letter (the "Practice Statement Letter" or "PSL") addressed to, among others, the Scheme Creditors (as defined in the PSL). The Company is proposing the Scheme in order to implement the proposed financial restructuring (the "Restructuring") of the Group in the manner described and contemplated in the Lock-Up Agreement. Further details regarding the Scheme and the Restructuring are contained in the PSL and in the Lock-Up Agreement. unquote The complete press release is available on KASE website: - – in Russian; - – in English. [2022-05-12]