10 Feb 2023 13:15

Nostrum Oil & Gas completes restructuring of two Eurobond issues

ALMATY. Feb 10 (Interfax) - Nostrum Oil & Gas plc, the parent company of Kazakhstan-based oil producer Zhaikmunai LLP, has completed the restructuring of two Eurobond issues, the company said.

The company implemented the restructuring of its $725 million 8% senior notes due July 2022 and the $400 million 7% senior notes due February 2025 issued by Nostrum Oil & Gas Finance BV.

"Completion of the restructuring is an important milestone for our Group and we could not have reached this momentous occasion without the tremendous hard work and dedication of our people and advisors, with patience and support from our investors. The company is now well-positioned to move expeditiously to unlock the full potential and value of its existing world-class gas processing infrastructure, acting in the best interest of our investors and other stakeholders, whilst strengthening the energy security of the region," said Arfan Khan, Chief Executive Officer of Nostrum Oil & Gas.

The ordinary share capital following the sub-division and share consolidation amounts to 1,693.8 million ordinary shares together with 15,244,344,036 deferred shares.

Admission of the new shares to the official list of the FCA and to trading on the London Stock Exchange was expected to take place at 8.00 am on 10 February 10.

The company's ordinary shares (including the new shares) are also expected to be admitted to listing and trading on the Astana International Exchange (AIX) by no later than February 13. The new warrants will not be admitted to listing and trading on the AIX. The new notes and the new warrants are expected to be admitted to listing and trading on the International Stock Exchange (TISE) with effect from February 9.

Nostrum Oil & Gas in December 2021 agreed on terms of restructuring with noteholders by issuing $550 million in new notes and converting the remainder of the existing notes into equity. Nostrum said in April 2022 that 99.99% of the voting shareholders had supported the terms of the company's restructuring plan.

Zhaikmunai LLP is an independent oil and gas enterprise currently engaging in the exploration, 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.

The company also holds a license for the exploration and development of the Rostoshinskoye oil and gas field, which lies about 100 km away from the Chinarevskoye field.

According to the Kazakhstan Stock Exchange, the major stakeholder of Nostrum as at Jan 1, 2023, were ICU Holdings Limited (British Virgin Islands) - 23.83%, Tengri Partners (Kazakhstan) JSC - 20.34%, Dehus Dolmen Nominees Limited (Guernsey) - 16.25%, Fraseli Investments S.a.r.l. (Luxembourg) - 8.56%.