16th Jul 2025 07:00
Nostrum Oil & Gas PLC - operates gas processing facilities and an export hub in north west Kazakhstan - Confirms the appointment of Viktor Gladun as chief executive officer from Tuesday. Gladun already was a company director and will remain on the board. The shift was first announced at the end of last month, when former CEO Arfan Khan left the company immediately. At the time, Nostrum had said it was in discussions with its "principal stakeholders" about "the future direction and leadership of the company" ahead of the due date in June next year for its debt notes. Gladun was CEO of JKX Oil & Gas PLC, a former London listing. Nostrum on Tuesday also adds Nikolay Ivin to the board as a non-executive director. Ivin is the managing partner of Ziff-Ivin Associates Ltd, which provides corporate finance advisory and management consulting. Stephen Whyte remains the Nostrum chair. Whyte says the leadership changes take place as Nostrum "begins realising value from projects already put in place, whilst taking into account in particular the scheduled maturity of the group's senior secured notes and senior unsecured notes due in June 2026". With its first quarter results in May, Nostrum said it had net debt of USD440.2 million as of March 31, up from USD404.2 million at the end of December.
Current stock price: 3.00 pence, closed down 12% in London on Tuesday
12-month change: down 45%
By Tom Waite, Alliance News editor
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