Nostrum Oil&gas Share News (NOG)

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3.50 0.00 (0.00%)

Bid:

3.00

Ask:

4.00

Spread: 1.00 (33.333%)

Market Cap: £5.77m

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IN BRIEF: Nostrum extends forbearance deal on notes once again

Tue, 19th Oct 2021 21:18

Nostrum Oil & Gas PLC - oil & gas company - Receives agreement from all the members of the informal ad hoc noteholder group to extend the expiry of the current forbearance agreement from Tuesday to November 9.

The exploration and production company, which operates in the Caspian Basin area in eastern Europe, entered forbearance talks back in August 2020 after failing to pay interest due on its 8.0% senior notes due 2022 and 7.0% senior notes due 2025.

It then struck a deal in October 2020. At the time, Nostrum said the forbearances included agreeing not to accelerate the notes' obligations as a result of the missed interest payments.

Since then the expiry of the forbearance has been extended several times.

Current stock price: 8.60 pence, down 8.5%

Year-to-date change: down 5.4%

By Dayo Laniyan; dayolaniyan@alliancenews.com