Nostrum Oil & Gas Chairman Resigns Being Involved In The Investigation Against Ablazov
LONDON (Alliance News) – Nostrum Oil & Gas PLC on Tuesday said Chairman Frank Monstrey has resigned from the board with effect from Monday, in order to ensure a court order affecting some other companies he controls does “not indirectly further affect Nostrum or any of its strategic initiatives”.
This followed a UK High Court injunction issued in March over Claremont Holdings Ltd, preventing it from dealing in assets, including shares it holds in Nostrum Oil & Gas. Monstrey owns his shares in the company through Claremont Holdings and Claremont Holdings CV, currently holding a 13.2% stake in Nostrum.
The court order was in relation to ongoing proceedings brought by Kazakhstan’s BTA Bank JSC against Mukhtar Ablyazov and other defendants, but in March Claremont had said that neither Claremont Holdings Ltd nor Claremont Holdings CV were defendants in the proceedings and “no substantive claim is made against them”.
Monstrey said Tuesday he had decided to step down as he believes it is in the “best interest” of the company to continue its strategic objectives “without the distraction” of his involvement in the litigation.
“I believe the company has a very important year ahead of it and would not want it to be indirectly impacted or for me personally to be distracted from focusing fully on the company’s objectives. As soon as the litigation has been concluded successfully I fully intend to seek re-election to the board but in the meantime will focus all my efforts to resolving the litigation as swiftly as possible. In the meantime I wish the company every success in achieving all its goals, I believe it is in an excellent position to deliver significant value to shareholders in the coming years,” Monstrey said.
Mr. Mark Martin, who previously served as Nostrum’s Senior Independent Director, has been appointed by the Board as its Chairman as from 18 April 2017. Mr. Martin is a UK national who was appointed as a director of the Company on 19 May 2014 and as Senior Independent Director on 31 December 2016. Mr. Martin has over 20 years of investment banking experience with Barclays, Baring Securities and ING, where he was the global head of equity capital markets from 2003 to 2011. Between 2011 and 2014, he served as the CEO of Exillon Energy PLC. Mr. Martin graduated from Cambridge University with a degree in social and political sciences.
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 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 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.