Nostrum Oil & Gas PLC announced, following the completion of the restructuring of the Group's USD 725 million 8.0% Senior Notes due July 2022 and the USD 400 million 7.0% Senior Notes due February 2025, in each case issued by Nostrum Oil & Gas Finance B.V., the following changes to the Board effective from 14 February 2023: Atul Gupta has stepped down as Executive Chair and from the Board; Sir Christopher Codrington, Bt, Martin Cocker and Kaat van Hecke have each stepped down from the Board; Stephen Whyte has been appointed as Independent Chair and a Non-Executive Director; Martin Gudgeon has been nominated by the trustee of the warrants issued in connection with the Restructuring as the Warrant Director and has been appointed as a Non-Executive Director; Chris Cox, Christopher Hopkinson and Fiona Paulus have each been appointed as Independent Non-Executive Directors. Stephen Whyte is a seasoned FTSE and AIM Chairman and Non-Executive Director in the global energy sector with direct experience in Kazakhstan. Stephen was previously Chairman at Genel Energy and Sound Energy and a Non-Executive Director at Echo Energy and JSC National Company KazMunaiGas.

Stephen was appointed as a Board observer to the Company on behalf of the noteholders during the Restructuring.  Stephen is also an Independent Non-Executive Director at Beacon Energy. Chris Cox brings to the Board more than 40 years of experience in the global oil and gas upstream sector. Having held various senior roles with BG Group, Amerada Hess, and Chevron throughout his career, Chris served most recently as CEO of Spirit Energy and Managing Director of Centrica Plc.

His advisory experience includes serving as Non-Executive Chairman of Kellas Midstream from 2015 to 2020. Chris is currently a director and the interim CEO of Capricorn Energy plc. Martin Gudgeon is a Partner and Chairman of the EMEA & Asia Restructuring and Special Situations Group ("RSSG") at PJT Partners, based in London.

Mr. Gudgeon is also a member of the firm's RSSG Operating Committee. Prior to joining PJT Partners, Mr. Gudgeon worked at Blackstone for eight years, serving as a Senior Managing Director. Previously, Mr. Gudgeon was the Chief Executive and Head of Restructuring at Close Brothers. Martin was previously a Non-Executive Director at Genel Energy.

Christopher Hopkinson has 35 years of experience in the global oil and gas and energy sectors. Chris began his career with Shell International, followed by technical and management roles with Yukos and Lukoil Overseas, before becoming Chief Executive Officer of Imperial Energy Group up until its acquisition by ONGC in 2009. He was then Vice-President Western Siberia for TNK-BP, Senior Vice-President North Africa for BG Group, Chief Executive Officer of International Petroleum Limited, and Chief Operating Officer for JSC National Company KazMunaiGas. Chris is currently non-executive Chairman of Enwell Energy, interim Executive Chairman of IGas Energy and founder of Astra Resources Management and Antelopus Energy.

Fiona Paulus has 37 years of investment banking experience. She has held senior roles at leading international investment banks. These include Head of International Investment Banking at CIBC, EMEA Head of Private Equity & Infrastructure Funds at Royal Bank of Scotland, Global Head of Energy and Resources at ABN AMRO Bank, and various senior roles at Societe Generale, JPMorgan & Citigroup in the UK, Europe, Australia, and Latin America.Fiona is a Senior Adviser in the Metals & Mining business at Gleacher Shacklock LLP and currently a Non-Executive Director at Interpipe Group and JSW Steel Limited.