29 Sep 2022 17:29

Nostrum Oil & Gas CFO resigns

ALMATY. Sept 29 (Interfax) - Shane Drader, chief financial officer of Nostrum Oil & Gas Plc, the parent company of Kazakhstan's Zhaikmunai LLP, has announced his decision to step down, the company said in a statement.

Drader, who is returning to Canada for family reasons, will ensure proper transfer of his responsibilities, the statement said.

Drader joined the company in August 2021.

Nostrum Oil & Gas PLC is an independent oil and gas company specializing in oil and gas production and the exploration and development of fields in the pre-Caspian basin. Its principal producing asset is the Chinarevskoye field, which it operates through its wholly-owned subsidiary Zhaikmunai LLP and in which it holds a 100% interest.

Nostrum Oil & Gas Plc negotiated restructuring of two Eurobond issues with holders for over a year, one with a value of $725 million and an 8% coupon per annum due July 2022 and one with a value of $400 million with a 7% coupon due February 2025.

The company agreed on the restructuring terms with holders in December 2021 by issuing $550 million new notes and converting the remainder of the existing notes into equity.

The Kazakh Energy Ministry supported the terms and conditions of restructuring notes issued by Nostrum Oil & Gas PLC worth a total of $1.125 billion in July 2022.

Nostrum said earlier that as many as 99.99% of voting shareholders supported the terms of the company's restructuring plan.

Zhaikmunai is an independent oil and gas enterprise currently engaging in exploration and the production and sale of crude oil and gas condensate in northwestern Kazakhstan. Zhaikmunai's main producing asset is the Chinarevskoye field located in the northern part of the oil-rich pre-Caspian basin.

According to the Kazakhstan Stock Exchange, Nostrum's mains shareholders as of April 1, 2022 were ICU Holdings Limited of the British Virgin Islands at 23.83%, Dehus Dolmen Nominees Limited of Guernsey at 16.25%, AT Investments Limited of the British Virgin Islands at 11.78%, and Fraseli Investments S.a.r.l. of Luxembourg and Steppe Capital Pte. Ltd of Singapore at 8.56% each.