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Nostrum Oil & Gas to Sell Operations in Kazakhstan Ahead of Wind-down

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Nostrum Oil & Gas (NOG.L) agreed to divest its operations in Kazakhstan for $304.6 million to raise funds for debt repayments ahead of a planned orderly wind-down.

The London-listed oil and gas company's Nostrum Oil & Gas Finance is selling participating interests in the charter capital of Zhaikmunai and Positiv Invest as part of the transaction, according to a Monday filing. Fincraft Energy and Alturion are purchasing the assets through Altaris Holding.

Completion is subject to the approval of relevant regulators in Kazakhstan, among other preceding conditions that need to be satisfied by the long stop date of Sept. 15.

Proceeds from the sale will be used to redeem Nostrum Oil & Gas Finance's outstanding senior secured notes, some of which matured on June 30. The company expects to launch its orderly wind-down process as soon as reasonably practicable following the sale and note redemption.

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