Business
Restatement of impairment charge in prior year
Restatement of impairment charge in prior year.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5253H\n Nostrum Oil & Gas PLC\n 06 April 2022\n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n London, 6 April 2022\n \n \n \n \n \n \n \n \n Restatement of impairment charge in prior year 2020 financial statements\n \n \n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, announces that following an identification of an error which came to light during its ongoing 2021 financial statements audit process, it intends to make a further US$40 million asset impairment charge in its prior year 2020 financial statements, increasing the impairment charge from US$245 million to US$285 million for the year ended 31 December 2020. \n The Company notes that its current intention, subject to completion of the audit, is to reverse all of this increased impairment in the 2021 financial statements due to\n the significant improvement in hydrocarbon pricing at the end of 2021 versus prices at the end of 2020. The Company confirms the above restatement has no impact on the Group's cash position.\n \n \n \n \n \n The Company will publish its full year financial results for the twelve months ended 31 December 2021, together with publication of the 2021 Annual Report, on Tuesday 26 April 2022.\n \n \n \n \n \n \n \n \n LEI: 2138007VWEP4MM3J8B29\n \n \n \n \n \n Further information\n \n \n For further information please visit \n \n www.nog.co.uk\n \n \n \n \n \n \n \n Further enquiries\n \n \n Shane Drader - Chief Financial Officer\n \n \n \n [email protected]\n \n \n \n \n \n \n \n Instinctif Partners - UK\n \n \n Tim McCall\n \n \n Galyna Kulachek\n \n \n Sarah Hourahane\n \n \n + 44 (0) 207 457 2020\n \n \n [email protected] \n \n \n \n \n \n Notifying person\n \n \n Thomas Hartnett\n \n \n Company Secretary\n \n \n \n \n \n About Nostrum Oil...