15 Feb 2023 15:02

Nostrum Oil & Gas announces board changes

ALMATY. Feb 15 (Interfax) - Nostrum Oil & Gas plc, the parent company of Kazakhstan-based oil producer Zhaikmunai LLP, has made changes to its board of directors following the restructuring of two issues of senior notes, the company said in a press release.

Atul Gupta stepped down as Executive Chair and from the board effective from February 14, 2023.

Stephen Whyte was appointed as Independent Chair and a Non-Executive Director starting from February 14, 2023.

Whyte was previously Chairman at Genel Energy and Sound Energy and a Non-Executive Director at Echo Energy and JSC National Company KazMunayGas. Whyte was appointed as a Board observer to the Company on behalf of the noteholders during the Restructuring, according to the press release.

Christopher Codrington, Martin Cocker and Kaat van Hecke each stepped down from the Board.

Martin Gudgeon was nominated by the trustee of the warrants issued in connection with the Restructuring as the Warrant Director and as a Non-Executive Director from February 14, 2023.

Chris Cox, Christopher Hopkinson and Fiona Paulus were appointed as Independent Non-Executive Directors effective from February 14, 2023.

Arfan Khan remained as the CEO and a Director of the Company.

After the changes, the composition of the Nostrum Oil & Gas Board is the following: Stephen Whyte, Chris Cox, Martin Gudgeon, Christopher Hopkinson, Fiona Paulus and Arfan Khan.

In early February 2023, Nostrum Oil & Gas completed 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.

Nostrum Oil & Gas plc had been in talks about notes restructuring since 2020. In December 2021, Nostrum Oil & Gas plc agreed on terms of restructuring with the noteholders by issuing $550 million in new notes and converting the remainder of the existing notes into equity. Nostrum said in April 2022 that as many as 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 January 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%.