Update on Interest Payments

RNS Number : 9316T

Nostrum Oil & Gas PLC

24 July 2020

 

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 THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

London, 24 July 2020

Update on Interest Payments

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, today announces its plans to utilise the applicable grace periods for the interest payments due on 25 July 2020 and 16 August 2020 with respect to the 8.0% Senior Notes due 2022 (the "2022 Notes") and 7.0% Senior Notes due 2025 (the "2025 Notes", and together with the 2022 Notes, the "Notes") issued by Nostrum Oil & Gas Finance B.V. (the "Issuer").

The 30-day grace period will allow the Company to continue active discussions with the financial and legal advisers to a steering committee of holders of the Notes, namely PJT Partners (UK) Limited and Akin Gump Strauss Hauer & Feld, respectively, with a view to entering into a forbearance agreement with the holders of the Notes in relation to those interest payments which is in the best interest of all stakeholders.

The 2022 Notes require interest payments, payable semi-annually, on 25 January and 25 July of each year. The 2025 Notes require interest payments, payable semi-annually, on 16 February and 16 August of each year. Under the terms of the indentures governing the Notes, it is an event of default if the Issuer defaults in any payment of interest when such payment becomes due and payable and such default continues for a period of 30 days.

Nostrum will make further announcements in due course, as appropriate.

LEI: 2138007VWEP4MM3J8B29

Further information

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

Further enquiries

Nostrum Oil & Gas PLC

Martin Cocker CFO

[e-mail]    

Instinctif Partners - UK      

Mark Garraway

Sarah Hourahane

Dinara Shikhametova

+ 44 (0) 207 457 2020

[e-mail]  

Notifying person

Thomas Hartnett

Comp any 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). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100% interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP. In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, these exploration and development fields are situated between approximately 60 and 120 kilometres from the Chinarevskoye 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 or 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 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.

 

END

 

 

MSCFLFFSDVIVFII