Fubotv earnings beat by $0.10, revenue topped estimates
LONDON - Nostrum Oil & Gas PLC (LSE:NOG) announced Monday that its principal stakeholders are in discussions regarding the company’s future direction and leadership ahead of debt maturities due in June 2026.
The Kazakhstan-focused energy company reported that Arfan Khan has stepped down from the board and will cease his role as chief executive officer effective June 30. Chris Hopkinson, an independent non-executive director, has also departed from the board.
Viktor Gladun, currently a director, is proposed to be appointed as the new chief executive officer "as soon as reasonably practicable," according to the company statement.
Stephen Whyte remains as chairman, with Martin Gudgeon and Fiona Paulus continuing as directors. The company indicated that additional board appointments are expected to be announced in the near future.
The governance changes follow what Nostrum described as a "transformational period" during which the company secured approximately 138 million barrels of undeveloped proven reserves in its Stepnoy Leopard fields, extended a gas processing agreement with Ural Oil & Gas to May 2031, and implemented a field rejuvenation campaign for the Chinarevskoye field.
In a statement included in the press release, Whyte thanked the departing executives for their contributions, particularly crediting Khan with helping transform Nostrum into a "multi-asset and mixed-asset business" following its financial restructuring in early 2023.
Nostrum Oil & Gas operates in northwest Kazakhstan, with its principal producing asset being the Chinarevskoye field. The company also holds an 80% interest in the Stepnoy Leopard fields in the West Kazakhstan region.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.