Nostrum Oil & Gas
NOG · Main Market · Energy · mcap £1.4m · 0.9p 3 open situations →
- Share price 1y
- −76%
- Insiders 12m
- no deals
- Next report
- around 28 Apr
Open · 3
Delayed SSN and SUN coupon payment
Part of Sale of Kazakhstan operations – Completed 15 October 2026, closed 16 Oct 2026
Interest went unpaid from 30 June 2025 and the Notes matured unpaid on 30 June 2026. The OFAC licence issue delayed the 8 Sep 2026 consent solicitation, but SUN holders approved the proposals. With Completion on 15 Oct 2026, SSNs were redeemed in full. Final SUN interest is due, then US$417.5m of SUNs will be bought, leaving US$100m maturing 31 Dec 2028 with no interest.
- Written resolutions
- Not approved as written resolutions until the amended licence is obtained. 22 Sep 2026 ↗
- Principal outstanding
- US$517,523,273 of SUNs outstanding. 22 Sep 2026 ↗
- SSNs
- Redeemed in full at Completion, including accrued and default interest; none outstanding 16 Oct 2026 ↗
- SUN purchase
- US$417,523,273 principal to be purchased, leaving US$100.0m outstanding 16 Oct 2026 ↗
- Remaining SUNs
- US$100.0m mature 31 December 2028; no interest from the Completion Effective Date 16 Oct 2026 ↗
- Approval
- Holders of more than 75% of principal approved the SUN proposals 16 Oct 2026 ↗
Next: Announce SUN purchase amount and price; pay final SUN interest
- 16 Oct 2026 SSNs redeemed; SUN purchase pending
- 22 Sep 2026 Consent solicitation held up by OFAC licence
- 8 Sep 2026 SUN consent solicitation launched 8 Sep 2026
- 19 Aug 2026 Tender offer extended to 2 September
Chinarevskoye drilling and workovers
Well 116_1 came on production on 21 November 2025, and a review of workovers and drilling has run since the FY 2025 results of 29 April 2026. The 11 August H1 results repeat that the review is underway, with no timetable. H1 crude oil fell 22.6% to 1,917 boepd. GTU-3 maintenance finished in June 2026 on time and on budget.
- Crude oil Q1
- 1,885 boepd vs 2,650 boepd in Q1 2025, down 28.9% 26 May 2026 ↗
- 2026 guidance
- 5,000-6,000 boepd (29 April 2026 results) 31 Jul 2026 ↗
- Review
- Workovers and new drilling review underway; no timetable 11 Aug 2026 ↗
- H1 crude oil
- 1,917 boepd vs 2,476 boepd in H1 2025, down 22.6% 11 Aug 2026 ↗
- GTU-3
- Planned maintenance completed June 2026, on time, no cost overruns 11 Aug 2026 ↗
- Chinarevskoye production
- 6,182 boepd in H1 2026 vs 7,028 boepd in H1 2025, described as within the expected decline range 11 Aug 2026 ↗
Next: Outcome of workover and new drilling review
- 11 Aug 2026 Review ongoing; no sanction
- 31 Jul 2026 Review underway; GTU-3 maintenance completed
- 26 May 2026 Review ongoing; no sanction
- 30 Apr 2026 Review ongoing; no sanction
Kazakhstan withholding tax disputes
Kazakh authorities assert withholding tax claims of about US$71m against ZKM for 2018-2020. The Appeal Board rejected ZKM's appeal in February 2026, and the first instance court rejected the challenge on 13 May 2026. Restrictions on most secured immovable assets arose in June 2026. The 24 July 2026 announcement says the standstill gives a stable platform while the Group contests the cases.
- Next forum
- First instance courts of the RoK; treaty-based options under consideration
- Treaty route
- Dutch tax authorities initiated a mutual agreement procedure under the RoK-NL Treaty; ZKM says the appeal should have been suspended
- Earlier decision
- First instance court rejected ZKM's challenge on the 2018 and 2019 audits; ZKM informed 13 May 2026 26 Jun 2026 ↗
- Next step
- ZKM intends to appeal; written judgment not yet received; international treaty-based remedies considered 14 May 2026 ↗
- New restriction
- Restrictions imposed on a significant majority of the immovable assets securing the Senior Secured Notes, principally against disposal 26 Jun 2026 ↗
- Effect on notes
- No breach of the notes terms and no change to security ranking 24 Jul 2026 ↗
Next: ZKM appeal and treaty-based remedies
- 24 Jul 2026 Restrictions on secured assets continue
- 26 Jun 2026 Tax dispute now restricting secured assets
- 14 May 2026 First instance court rejected 2018-2019 challenge
- 17 Feb 2026 Appeal Board rejected 2018-2019 appeal
Closed · 3
Company filings. Not investment advice.