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Nostrum Oil & Gas plans UK premium listing

Reuters - UK Focus

May 20 (Reuters) - Nostrum Oil & Gas LP, a Kazakhstan-based oil and gas explorer and producer, said it planned to apply for moving its listing to London Stock Exchange's main market and for inclusion on an FTSE index.

The company, whose global depositary receipts (GDR) have been trading on the London Stock Exchange (Other OTC: LDNXF - news) since 2008, said the premium listing and index inclusion would enable it to broaden its investor base and increase liquidity of its securities.

Nostrum, earlier known as Zhaikmunai, 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.

The company also said it would apply to list its ordinary shares on the Kazakhstan Stock Exchange.

Nostrum's GDRs were trading up about 1 percent at $9.70 in thin trade on Tuesday morning (Frankfurt: TDM.F - news) . (Reporting by Roshni Menon; Editing by Gopakumar Warrier)