Nostrum Oil & Gas PLC Update on Proposed Restructuring (0438R)

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RNS Number : 0438R

Nostrum Oil & Gas PLC

01 July 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS. NOTHING IN THIS ANNOUNCEMENT SHALL CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES REFERRED TO HEREIN NOR SHOULD IT FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT WHATSOEVER.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

London, 1 July 2022

Update on Proposed Restructuring

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 further update regarding 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 & Finance B.V. (the "Existing Notes") .

As previously disclosed, a condition to the Restructuring was the receipt of consent of the Kazakhstan Ministry of Energy with respect to (i) the issue of new shares and warrants (in partial repayment of the Existing Notes) and (ii) the waiver of the State of Kazakhstan's priority right to acquire such new shares and warrants (the "MOE Consent").

Earlier today, the Company received the required MOE Consent, which is the key regulatory consent required in the Republic of Kazakhstan for completion of the Restructuring.

The Company appreciates the support demonstrated by its stakeholders and will provide further updates on the status of the Restructuring in due course.

LEI: 2138007VWEP4MM3J8B29

Further information

For further information please visit www.nog.co.uk

Further enquiries

Nostrum Oil & Gas PLC

Shane Drader - Chief Financial Officer

[e-mail]

GLAS Specialist Services Limited

Information Agent

[e-mail]

[phone]

Instinctif Partners - UK

Tim McCall

Sarah Hourahane

Galyna Kulachek

+ 44 (0) 207 457 2020

[e-mail]

Notifying person

Thomas Hartnett

Company Secretary

About Nostrum Oil & Gas

Nostrum Oil & Gas PLC is an independent oil and gas company currently engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin. Its shares are listed on the London Stock Exchange (ticker symbol: NOG) and the Kazakhstan Stock Exchange (ticker symbol: GB_NTRM). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field that is being operated by a wholly-owned subsidiary of Nostrum Oil & Gas PLC - Zhaikmunai LLP, who is the sole holder of the subsoil use rights with respect to the development of the field.

Forward-Looking Statements

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to various matters. When used in this document, the words "expects", "believes", "anticipates", "plans", "may", "will", "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises nor guarantees and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.

No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the relevant listing rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

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July 01, 2022 07:06 ET (11:06 GMT)