Nostrum Oil & Gas completes Kazakhstan sale, redeems debt

London - Nostrum Oil & Gas PLC successfully concluded its sale of Kazakhstan operations to Altaris Holding Ltd. on Wednesday for $304.6 million, simultaneously redeeming its Senior Secured Notes in full, according to a press release. The company sold its stake in Zhaikmunai LLP and POSITIV Invest LLP to Altaris Holding Ltd., which is half-owned by Alturion Holding Limited and half-owned by Fincraft Energy Holding Limited.

The transaction, initially announced on August 17, 2026, is subject to post-completion adjustments. $10.0 million of the consideration is held in escrow for six months due to warranties and potential claims. Upon completion, Nostrum funded the redemption of its Senior Secured Notes due 2026, covering the outstanding principal, accrued interest, and default interest.

No further Senior Secured Notes exist. After settling final accrued interest on the Senior Unsecured Notes due 2026, Nostrum will acquire $417,523,273 of the principal, leaving a $100.0 million balance. The residual $100.0 million of Senior Unsecured Notes mature on December 31, 2028, with no interest from the completion date. The sale concludes nearly three decades of Nostrum's presence in Kazakhstan.

CEO Viktor Gladun noted that the group invested over $2.5 billion in the country from 1997. Following the sale, Nostrum will initiate a managed wind-down previously announced. Rothschild & Co Middle East Limited served as the financial adviser for Nostrum in the sale.