NOSTRUM OIL & GAS PLC announces proposed postponement of extension date for Settlement scheme

23.01.23 14:25
/KASE, January 23, 2023/ – 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 January 20, 2023: quote 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. The Company has recently announced the receipt of a licence from The Office of Financial Sanctions Implementation, the authority for the implementation of financial sanctions in the United Kingdom. The Company has received a further confirmation of authorisation from the sanctions authority of an additional jurisdiction and continues to engage with the one remaining sanctions authority with respect to obtaining the final remaining licence required to implement the Restructuring (or alternatively, confirmation that such licence is not required). The Company has no reason to believe that it will not receive the remaining licence (or alternatively, confirmation that such licence is not required) shortly or that it will not be able to implement the Restructuring shortly thereafter. However, purely as a contingency measure, and in case the remaining licence (or a confirmation that such licence is not required) is not received in time to implement the Restructuring before the Longstop Date, the Company proposes to amend the definition of "Longstop Date" in the Scheme (pursuant to Clause 8.1 thereof) and the Implementation Deed (pursuant to Clause 16.1 thereof) (each as amended on 21 November 2022) from 16 February 2023 to 31 March 2023 (the "Extension"). The Company anticipates that the Extension is or will be supported by Noteholders constituting the Majority Scheme Creditors. unquote The complete press release is available on KASE website: - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_relizs_200123.pdf – in Russian; - https://kase.kz/files/emitters/GB_NTRM/gb_ntrm_reliz_200123_en_.pdf – in English. [2023-01-23]