Nostrum Oil & Gas - Update re Kazakhstan withholding tax disputes
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Further update regarding
Nostrum Oil & Gas PLC (LSE: NOG) (the "Company" and together with its subsidiaries, the "Group"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-
On
As previously announced, the Company believes that the tax claims made by the RoK tax authorities resulting from their tax audits of ZKM for the years 2018, 2019 and 2020, which deny ZKM the benefit of relevant and valid exemptions from, or reductions to, withholding tax payable under RoK law on certain bonds issued by Group companies, remuneration on an intra-Group loan, and income from consulting services, respectively, are without merit.
Whilst the Company has not yet received the court's written judgment, the Company is extremely disappointed with the decision of the first instance court, as it believes the decision is not consistent with applicable laws. ZKM intends to appeal the first instance decision. The Company is also considering its international treaty-based remedies and will continue to defend its interests.
The Company continues to monitor developments closely and further updates will be issued as appropriate.
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit www.nostrumoilandgas.com
Further enquiries
Nostrum Oil & Gas PLC
Yelena Zhuravleva, CFO
TEAM LEWIS
Galyna Kulachek
+ 44 (0) 20 7802 2664
About Nostrum Oil & Gas
Nostrum Oil & Gas PLC is an independent energy company with gas processing infrastructure and an export hub in north-west Kazakhstan. Its shares are listed on the London Stock Exchange (ticker symbol: NOG). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field which is operated by its wholly-owned subsidiary Zhaikmunai LLP, which is the sole holder of the subsoil use rights with respect to the development of the Chinarevskoye field. The Company also owns an 80% interest in Positiv Invest LLP, which holds the subsoil use rights for the "Kamenskoe" and "Kamensko-Teplovsko-Tokarevskoe" areas in the West Kazakhstan region (the Stepnoy Leopard fields).
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 Company 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 nor guarantees and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.
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