$NOG.L

Nostrum Oil & Gas Unit to Appeal Kazakhstan First Instance Court's Tax Ruling

Nostrum Oil & Gas' (NOG.L) said Thursday it is "extremely disappointed" after the first instance court of the Republic of Kazakhstan on Wednesday rejected its unit Zhaikmunai's challenge to tax claims by the Kazakhstan tax authorities.The company maintained that the tax claims lack merit, and noted that its subsidiary intends to appeal the first instance decision and is considering international treaty-based remedies to defend its interests.The oil and gas company noted that the claims resulted from the tax audits of Zhaikmunai for the years 2018 and 2019.