(Alliance News) - Nostrum Oil & Gas PLC on Wednesday said it has agreed with noteholders to extend a forbearance agreement until next week Friday.
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. It was due to expire at 1600 BST on Wednesday but has now been extended to the same time on September 3.
Earlier on Wednesday, Nostrum announced the sale of its interest in the Rostoshinskoye field in Kazakhstan.
The exploration and production company said that the sale was the most cost-effective option. It didn't provide the name of the buyer nor the price received.
Shares in the company were 9.2% lower at 9.32 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Nostrum Oil&gas (NOG)