Kazakhstan-based Nostrum Oil & Gas LP has announced plans to apply for permission to move its listing to the London Stock Exchange’s main market and for inclusion on an FTSE index.
The oil and gas explorer and producer’s global depositary receipts have been trading on the London Stock Exchange since 2008. The premium listing would allow the company to broaden its investor based significantly and increase liquidity of its securities.
Nostrum has a market capitalisation of about $1.8 billion. But its GDRs have significantly underperformed the FTSE-100 Index, losing about 26 percent since the beginning of the year.