London, July 2, 2026, 09:22 BST
- Nostrum Oil & Gas Plc (LON:NOG) traded at 4.00p at 08:00 BST, up 14.29%. Google Finance put the volume at 100 shares and showed a market cap of £6.57 million.
- Nostrum Oil & Gas’s most recent RNS in the last 48 hours was a June 30 publication notice for its 2025 payments-to-governments report, not a trading or funding update.
- The debt consent push is what’s in play now. The finance unit wants holders to approve changes on $244.4 million of secured notes and $517.5 million in senior unsecured notes, with the vote scheduled after the June 30 interest date.
Nostrum Oil & Gas Plc (LON:NOG) surged 14.3% just after the open in London Thursday. Trading was light—100 shares swapped hands, according to Google Finance, which put the price at 4.00 pence at 08:00:20 BST. Market cap was at £6.57 million with 165.24 million shares out. The London Stock Exchange ran its regular 08:00-16:30 BST hours.
Screen is moving more than the real money here. At 4.00p, 100 shares only come to £4. The 0.5p jump from the last quote pushes the quoted equity up by about £826,000 using Google Finance’s share count.
| Equity screen check | Value |
|---|---|
| Share price | 4.00p |
| Day change | up 0.50p, or 14.29% |
| Shares traded shown | 100 |
| Approximate turnover at 4.00p | £4 |
| Market value shown | £6.57 million |
| Paper value added by 0.50p move | around £0.83 million |
The key issue for Nostrum right now isn’t its share price swings. It’s the creditor vote. The finance unit has asked holders to sign off on changes to $250 million 5.00% senior secured notes due 2026 and $345.1 million 1.00%/13.00% senior unsecured notes due 2026. According to the consent notice, $244.4 million of secured notes and $485.9 million of unsecured notes were outstanding before the June 30 interest date, with the unsecured amount jumping to $517.5 million for voting after expected capitalised interest.
| Debt item / process date | Amount or term |
|---|---|
| Senior secured notes still outstanding | $244.372 million |
| Senior unsecured notes before June 30 interest payment | $485.937 million |
| Senior unsecured voting amount after June 30 interest | $517.523 million |
| Early consent deadline | July 10, 2026, 5:00 p.m. New York time |
| Expiration deadline | July 16, 2026, 5:00 p.m. New York time |
| Noteholder meetings start | from July 20, 2026, 9:00 a.m. London time |
The issuer’s consent notice warned it doesn’t plan to redeem the notes at principal on June 30, calling this an event of default. The company also said its directors and those of group firms would have to consider insolvency filings if the deal doesn’t go through.
Kazakhstan tax issues are behind the updated consent path. Nostrum said in June it found out some fixed assets tied to its senior secured notes faced restrictions in Kazakhstan. Those assets accounted for a “significant majority” of the collateral. The company warned these restrictions might block actions needed for its planned March refinancing. Investegate
The tax dispute is ongoing. On May 14, Nostrum said a Kazakhstan first-instance court turned down Zhaikmunai LLP’s challenge to tax demands for 2018 and 2019. The company said it thinks the claims for 2018, 2019 and 2020 aren’t justified. Zhaikmunai plans to appeal.
Operations provide some cash-flow backing for the equity, but the capital-structure issue is still there. Nostrum posted first-quarter revenue of $32.8 million, up 9.3% from the same period last year. EBITDA came in at $11.3 million, and operating cash flow was $10.2 million. The company reported $151.3 million in unrestricted cash at the end of March. Net debt was $576.2 million, higher than the $541.5 million at the end of 2025.
CEO Viktor Gladun called it “a solid start to 2026” and said more exports, third-party feedstock and a stronger Brent price made up for the Chinarevskoye drop. Processed volumes averaged 26,708 boepd, up 11.2%. Daily sales volumes climbed 13.4% to 16,021 boepd. Investegate
With GBP/USD at 1.3336, the £6.57 million market cap is around $8.8 million. That means net debt at March-end comes in at about 66 times Thursday morning’s equity value. The ratio just gives a scale sense since it uses March debt and July equity. But it shows why the debt vote may overshadow the move in shares.
Nostrum’s corporate filing in the 48-hour window left the outlook unchanged. The company said June 30 it had released its 2025 payments-to-governments report, submitted it to the UK National Storage Mechanism, and planned to post it on its website. Investors are watching for updates on July 10, July 16 and July 20.
