Nostrum Oil & Gas PLC Updated Board Changes (3873D)
April 26 2017 - 3:26AM
UK Regulatory
TIDMNOG
RNS Number : 3873D
Nostrum Oil & Gas PLC
26 April 2017
Amsterdam, 26 April
Updated Board Changes
Nostrum Oil & Gas PLC (LSE: NOG) ('Nostrum' or the
'Company'), an independent oil and gas company engaging in the
production, development and exploration of oil and gas in the
pre-Caspian Basin, today announces that Mr Atul Gupta, who
previously chaired Nostrum's Audit Committee, has been appointed by
the Board as its Chairman as from 25 April 2017.
Mr Gupta is a UK national who was appointed as a director of the
Company on 30 November 2009 and as Chairman of the Audit Committee
on 31 December 2016. Mr Gupta has over thirty years of upstream oil
and gas industry experience, including at Charterhouse Petroleum,
Petrofina, Monument and previously as the CEO of FTSE-250 listed
Burren Energy plc until its sale to ENI in 2008. Mr Gupta graduated
from Cambridge University with a degree in Chemical Engineering and
Heriot Watt University with a Masters degree in Petroleum
Engineering.
At the same time as Mr Gupta's appointment Mr Mark Martin has
stepped down from the position of Chairman he assumed on a
temporary basis on 18 April and has re-assumed his previous
position as Senior Independent Director.
In addition, the Board appointed Mr Mike Calvey as a
non-executive director. Mr Calvey is a USA national who is the
Founder and Senior Partner of Baring Vostok and who has been with
the firm since 1994. Prior to joining Baring Vostok, Mr Calvey
worked on oil and gas projects for the European Bank for
Reconstruction and Development (EBRD) and Salomon Brothers. Baring
Vostok Private Equity Fund IV and Baring Vostok Fund IV
Supplemental Fund, LP have been invested in Nostrum since 2009
(through Dehus Dolmen Nominees Limited) when Dehus participated in
a capital raising. Dehus is currently the Company's second largest
shareholder.
Following Mr Calvey's appointment to the Board, Nostrum plans to
add additional independent non-executive directors to the Board in
due course so that in accordance with the UK Corporate Governance
Code at least half of the Board, excluding the Chairman, is
comprised of independent non-executive directors.
Consequential changes to the composition of Board committees
will also be announced in due course.
Mr Atul Gupta, Nostrum's Chairman, commented: "Having served as
a director for Nostrum since 2009, it is a privilege to be
appointed as Chairman at a time when the Company is reaching a
crucial phase of its growth through the construction of GTU3 this
year. Our focus on delivering production growth, the continued cost
control and seeking to expand our reserve base, leaves Nostrum well
placed both operationally and financially for 2017 and the future.
I look forward to working with the Board and management team in the
best interests of all our stakeholders."
Mike Calvey, Baring Vostok's founder, said: "I am pleased to
join the Board to support Nostrum and its management team in
achieving its strategic goals. With the completion of GTU3, the
Company will have significant potential for production growth from
existing reserves and a strategically valuable infrastructure asset
in a gas-rich region. This combination positions the company for
material growth in shareholder value in the next few years."
Kai-Uwe Kessel, Nostrum's CEO, said: "I look forward to working
with Mike Calvey, who represents a long-standing shareholder of the
Company, and brings significant value to the Board. I also look
forward to continue working with Atul Gupta, who has already been
with us for many years providing valuable experience regarding both
the operational and financial aspects of the business, in his new
role as Chairman. I appreciate the support from Mayfair and Baring
Vostok and also believe that we have a very exciting future ahead
of us, where we can significantly enhance shareholder returns with
the completion of GTU3 and the creation of a material resource and
reserve base in North Western Kazakhstan. With the completion of
GTU3, I believe Nostrum will be in an excellent position to
materially increase production and operating cash flow in the near
term and for the foreseeable future.
Further information:
For further information please visit www.nog.co.uk
Further enquiries:
Nostrum Oil & Gas PLC - Investor Relations
Kirsty Hamilton-Smith
Amy Barlow
ir@nog.co.uk
+ 44 (0) 203 740 7430
Instinctif Partners - UK
David Simonson
George Yeomans
+ 44 (0) 207 457 2020
Promo Group Communications - Kazakhstan
Asel Karaulova
Irina Noskova
+ 7 (727) 264 67 37
About Nostrum
Nostrum Oil & Gas PLC is an independent oil and gas company
currently engaging in the production, development and exploration
of oil and gas in the pre-Caspian Basin. Its shares are listed on
the London Stock Exchange (ticker symbol: NOG). The principal
producing asset of Nostrum is the Chinarevskoye field, in which it
holds a 100% interest and is the operator through its wholly-owned
subsidiary Zhaikmunai LLP. In addition, Nostrum holds a 100%
interest in and is the operator of the Rostoshinskoye, Darinskoye
and Yuzhno-Gremyachenskoye oil and gas fields through the same
subsidiary. Located in the pre-Caspian basin to the north-west of
Uralsk, these exploration and development fields are situated
approximately 60 and 120 kilometres respectively from the
Chinarevskoye field.
Forward-Looking Statements
Some of the statements in this document are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of the Group or its officers with
respect to various matters. When used in this document, the words
"expects," "believes," "anticipates," "plans," "may," "will,"
"should" and similar expressions, and the negatives thereof, are
intended to identify forward-looking statements. Such statements
are not promises or guarantees, and are subject to risks and
uncertainties that could cause actual outcomes to differ materially
from those suggested by any such statements.
No part of this announcement constitutes, or shall be taken to
constitute, an invitation or inducement to invest in the Company or
any other entity, and shareholders of the Company are cautioned not
to place undue reliance on the forward-looking statements. Save as
required by the Listing Rules and applicable law, the Company does
not undertake to update or change any forward-looking statements to
reflect events occurring after the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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