TMAN Timan

    RNS Number : 7736J
  Timan Oil & Gas Plc
  09 December 2008
   

    TIMAN OIL AND GAS PLC 

    Directorate Changes


    Timan Oil and Gas ("Timan" or the "Group"), an independent oil and gas exploration and production company with its main assets in the
Timan-Pechora region of Western Russia and the Caspian basin, announces that at yesterday's Annual General Meeting, Non-executive Chairman
David Herbert and Non-executive Director Paul Ties stood down from the Board. The Board would like to thank them for their invaluable
contributions over the past two years, especially in relation to the flotation of the Group on AIM and to the securing of additional
financing over the difficult past nine months.

    At the same time the Group is pleased to announce the appointment of Zhakyp Marabayev as Non-executive Chairman and the appointment of
Konstantin Ryzhkov and Dr. Boris Litvak as Non-executive Directors, all with immediate effect.  All three were nominated by Kamanisk
Holdings.

    Zhakyp Nasibkalievich Marabayev, aged 46, has been Chairman of the Coordination Council for the Oil & Gas and Energy Sector Development
of the Republic of Kazakhstan since November 2006. Mr. Marabayev has held several senior positions with oil and gas companies in Kazakhstan
since March 1999, moving on to further develop his career at JSC KazMunaiGas in March 2002. Here he held a number of senior management
positions, including Chairman of KazMunaiGas E&P and Managing Director of JSC NC KazMunaiGas. Mr. Marabayev graduated from the Moscow State
University of Management with MSc in Economics.

    Zhakyp Nasibkalievich Marabayev holds or has held the following directorships over the past 5 years:

 Current                         Past Directorships/Partnerships:
 Directorships/Partnerships:

 Deputy managing director        Managing director
 North Caspian Operating         JSC NC KazMunaiGas (chairman of the board JSC Kazmunaigas E&P) 
 Company

    Konstantin Ryzhkov, aged 32, became Partner and Managing Director of Marshall Capital Partners, a leading private equity firm operating
in Russia and the CIS, in Autumn 2008. Mr. Ryzhkov began his career working at Bank of America Securities in 1997, moving on to join Trust
Investment Bank as Vice-President in Corporate Finance in 2002. From 2003 to 2008 he held a number of senior positions at VTB Bank,
including most recently Managing Director, Head of Leverage and Acquisition Finance at VTB Bank Europe plc. Mr. Ryzhkov graduated from
Davidson College with a BA in Economics and continued his education at Julius-Mazimilian Universitaet.

    Konstantin Ryzhkov holds or has held the following directorships over the past 5 years:

 Current Directorships/Partnerships:  Past Directorships/Partnerships:

 Razgulyai Group                      Mihailovsky GOK
                                      Potolsky Chemical Metallurgical Plant
                                      Ruukki Group plc
                                      Rosskat 


    Dr. Boris Lvovich Litvak, aged 65, has been President of Nafta Industries Inc since March 2006. He started his career in 1979 joining
Texaco where he worked for 22 years, initially as a reservoir engineer, and growing to assume senior operational positions. From February
2001 to March 2006 he was a Director responsible for investment activity and capital management at TNK-BP. Mr. Litvak holds a PhD and
honours degree from the Moscow Oil & Gas Institute.

    Dr. Boris Lvovich Litvak holds or has held the following directorships over the past 5 years:

 Current Directorships/Partnerships:  Past Directorships/Partnerships:

 AGL Petroconsulting                  None
 Nafta Industries Inc


    There is no other information that is required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules of the London Stock
Exchange.

    Commenting on the changes in the Board of Directors, Timan's CEO Alexander Kapalin said: 

    "We would like to thank David Herbert and Paul Ties for their commitment and invaluable contribution to the Group over the past two
years. We wish both of them every success in the future. 

    At the same time we would like to welcome the three new non-executive directors to the Board. Mr Marabayev brings experience in the
management and corporate governance of a public company with a main market listing in the UK, as well as oil and gas expertise in the CIS.
Mr Ryzhkov is actively involved in the UK, US and Russian investment banking industry and Mr Litvak brings over 27 years of oil and gas
experience as a senior executive of Texaco, TNK-BP and Nafta Industries. We look forward to working closely with them in bringing Timan to
production and achieving our ambitious targets".


    Enquiries:

    Timan Oil & Gas plc
    Alexander Kapalin, Chief Executive Officer
    +7 495 22 333 90

    Strand Partners Limited
    Simon Raggett/Rory Murphy
    + 44 (0) 20 7409 3494

    Merlin
    David Simonson
    Leonid Fink
    + 44 (0) 20 7653 6620

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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