TMAN Timan

 

TIDMTMAN 
 
RNS Number : 3223Y 
Timan Oil & Gas Plc 
01 September 2009 
 

TIMAN OIL AND GAS PLC 
("Timan" or the "Company") 
 
 
On 10 August 2009, Redbell Investments Limited ("Redbell") and Earvil 
Consultants Limited ("Earvil"), significant shareholders in Timan, 
notified Board of Directors of Timan, as well a 
relevant regulatory and investigative authorities, about existing evidence in 
Russia that the Company's major oil and gas assets in Russia had been 
re-registered in the name of Kamanisk Holdings Limited ("Kamanisk"), a company 
controlled by Timur Kuanyshev. The assets, namely Timan Management 
LLC, Neftegazopromyslovye Tekhnologii LLC and Komineftegas LLC (the 
"Assets") were registered to Kamanisk following the receipt of a default notice 
from Kamanisk (served on 27 May 2009), and which was subsequently withdrawn by 
Kamanisk on 24 June 2009. The registration was completed by Timan's CEO, 
Alexander Kapalin on 18 June 2009. 
 
 
As of August 31 2009, the Assets remain registered in the name of Kamanisk. Both 
Kamanisk and Mr. Kapalin have agreed to cooperate with the newly elected Board 
(as a result of the general meeting on 25th of August 2009) to reverse the 
transfer of the Assets. 
 
 
The new Board is continuing investigations of activities of the previous 
management and negotiations with Kamanisk regarding this situation. A further 
announcement regarding the re-registration of the Assets and the future 
direction of the Company will be made in due course. 
 
 
 
 
Enquiries: 
 
 
Timan Oil & Gas plc 
Vitaly Belik, Non-Executive Director 
Dmitry Soloviev, Non-Executive Director 
+7 495 287 32 78 
 
 
Strand Partners Limited 
Simon Raggett/Rory Murphy 
+ 44 (0) 20 7409 3494 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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