17th Aug 2026 11:33
(Alliance News) - Nostrum Oil & Gas PLC on Monday said it is selling its operations in Kazakhstan for USD304.0 million ahead of a planned orderly wind-down.
The Kazakhstan-focused oil and gas exploration and production company said its indirect subsidiary company, Nostrum Oil & Gas Finance BV, is selling interests in Zhaikmunai LLP and Positiv Invest LLP to Altaris Holding Ltd, owned by Fincraft Energy Holding Ltd and Alturion Holding Ltd.
Proceeds will be used to repay outstanding senior secured notes and senior unsecured notes.
Nostrum said that in light of the recent maturity of the notes in June, and its inability to repay the amounts due at that time, the overall transaction will result in the "best outcome for the group and its stakeholders".
On completion of the sale, Nostrum expects to begin an orderly wind-down process of the group.
The agreement provides for a long stop date of 15 September, which may be automatically extended once by two months, while the deal is being finalised and regulatory clearance sought.
Shares in Nostrum Oil & Gas slumped 25% to 2.98 pence each in London on Monday.
By Jeremy Cutler, Alliance News reporter
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