LONDON, June 13, 2017 /PRNewswire/ --
A consent order has been granted lifting the freezing order on Claremont Holding Ltd's 13.2% stake in Nostrum Oil & Gas PLC ("Nostrum"). Claremont Holdings Ltd ("Claremont") is 100% controlled by Frank Monstrey, former executive chairman of Nostrum.
On the 17th of March 2017, BTA Bank obtained a freezing order in the English High Court in connection with its ongoing efforts to enforce its $4 billion judgment against Mukhtar Ablyazov, former chairman of BTA Bank. That order froze Claremont and its affiliates' holdings of shares in Nostrum. Following discussions between BTA and Claremont, an agreement has been concluded between the parties and the freezing order over those shares has now been lifted. As part of this agreement, BTA Bank agreed to the lifting of the freezing order over the shares referred to above without prejudice to any right of action, claim or other remedy it may have against any third parties who are unconnected to Frank Monstrey or Claremont, and who were not party to the proceedings.
A subsidiary of BTA Bank has acquired 3.76% in Nostrum from Claremont and its affiliates. Claremont is 100% controlled by Frank Monstrey. As a result Claremont's stake in Nostrum has reduced to 9.44%.
Further, as part of the agreement concluded between Claremont and its affiliates and BTA Bank, BTA Bank or its subsidiaries may in due course and subject to the satisfaction of certain conditions, acquire, directly or indirectly, some or all of the 9.44% stake which Claremont and its affiliates have retained in Nostrum.
Notes to Editors:
In March the Moscow Commercial Court granted a petition by BTA Bank demanding to uphold and execute in Russia the London High Court ruling to collect $420m from the bank's ex-chairman Ablyazov.
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 (ticker symbol: NOG). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field, in which it holds a 100% interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP. In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, these exploration and development fields are situated approximately 60 and 120 kilometres respectively from the Chinarevskoye field.
SOURCE BTA Bank