Nostrum Oil & Gas B.V. has launched a tender offer for its USD 250 million 5.00% Senior Secured Notes due 2026, inviting eligible holders to tender via an unmodified reverse Dutch auction with a maximum acceptance of USD 30 million. The purchase price will range up to USD 650 per USD 1,000 in principal, with settlements calculated as the purchase price plus accrued interest for notes accepted. The move is part of a broader debt-restructuring effort that aims to stabilize the group's capital structure amid regulatory and Kazakh tax-related challenges and is tied to an amended framework supported by noteholder consent. The tender offer follows prior agreements with more than 50% of noteholders and reflects ongoing negotiations to align consent documents, a supplemental warrant instrument, and the overall restructuring plan. Regulatory and distribution restrictions accompany the offer, and the Tender Offer Memorandum remains the definitive source for terms and conditions. Analysts have described Nostrum's financial performance as weak despite positive operating cash flow, with the current strategy designed to preserve security rankings while pursuing legal and regulatory defenses.