BAKU, Azerbaijan, Feb. 5
By Nargiz Sadikhova - Trend:
Kazakhstan’s Nostrum Oil & Gas PLC and Mayfair Investments BV, a shareholder in the Nostrum, have by mutual agreement terminated the relationship agreement between them dated May 19, 2014, Trend reports citing the Nostrum.
The company said that in the Relationship Agreement Nostrum had granted Mayfair the right to nominate a director to the Company’s Board of Directors and Mayfair had made various undertakings to the company designed to ensure that the company is managed independently of Mayfair.
Nostrum and Mayfair mutually agreed to terminate the Relationship Agreement given that Mayfair’s shareholding in the company reduced significantly in May 2020 and in January 2021 Mayfair decided to cease to nominate a director to the Company’s Board of Directors.
Nostrum Oil & Gas PLC is an independent oil and gas company currently engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin.
Its shares are listed on the London Stock Exchange. The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100 percent interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP.
In addition, Nostrum Oil & Gas holds a 100 percent interest in and is the operator of the Rostoshinskoye oil and gas field through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, this exploration and development field is situated approximately 100 kilometres from the Chinarevskoye field.
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