Timan Share Discussion Threads

[backtothesoil] 23/11/2015 13:15

This better than I first thought. My initial reading of the document was that the $16.5m was a loan to tman and the interest and repayment was the responsibility of tman.

[jaynealex] 23/11/2015 12:31

Thanks for the clarification Miami

What will this mean going forward if approved

[miamisteve] 23/11/2015 12:19

Sorry for my absence. As you will find out things have been extremely busy with this deal and debt restructuring.

Just to be clear, if the resolution is passed at the GM then all the loan and interest convert to the 75% stake in NGPT, so there will be no significant debt at the parent Company after this.

[jaynealex] 23/11/2015 10:41

Thanks BTTS ... as a minority shareholder though ... we still need the story and an ideal as to when we're going to be able to liquidate our inveatments

This deal may well free up 25 per cent for somebody ... I would like to know how it "frees it up" for the minorities

[backtothesoil] 23/11/2015 09:26

jaynealax

No mention of time of loan. It says 12% simple interest which suggests it's open ended.
It does mean the investors get 75% of a very large oil field for nothing but it also means tman now have 25% of an asset that could be worth a great deal. As things stood, the licence would have been lost and worth nothing.

[odvod] 23/11/2015 09:21

In the case the loan will not be repaid in time (as it usually someone takes care that it happens) - what happens next?

[jaynealex] 23/11/2015 09:11

Interesting .... so the investors are in such a strong position that they get 75per centof NGPT for a loan of 16.5m at 12 per cent

Anybody got the numbers to hand as to the value of the NGPT reserves , and therefore what they're getting and what our
25 per cent is worth

BTTS .... whats the time period of the loan vs the time period to get the reserves out etc ....

Will this lead to a listing , shareholders getting money back etc

Would have thought shareholders would need " the story" and future plans to be able to vote on this

We keep getting something is better than nothing .... but strangely I've still got nothing !

[backtothesoil] 22/11/2015 10:02

chris cat

From the information contained in the notice of the general meeting, together with the voting forms, posted to shareholders who hold in certificate form.

I have attempted to give the main points of the proposals. There are a number of other terms and conditions items but I believe the bones are as I stated. Happy to be corrected.

[chris cat] 22/11/2015 09:47

BTS -Thank you. Where do did you manage to pick up this information if you dont mind me asking

[backtothesoil] 21/11/2015 18:12

chris cat

my take for what it's worth and happy to be corrected.

tman to farm out 75% of NGPT, its subsidiary that owns the huge NCHM oil field, to investors including Neftisa Oil company, one of the larger Russian oil companies.

The investors will be responsible for all ongoing costs at NGPT leaving tman as a pure holding company.

Tman to receive loans from the investors of $16.5m at 12% interest. This cash to pay creditors and also to pay for seismic programme for Geoterm, another tman subsidiary, in the Caspian sea so securing licence retention of this asset.

Tman board believe the 25% of NGPT still retained, and now operated and developed by Neftisa, is worth more than the 100% currently held as it is impossible, with the political situation in Russia, to raise the money to develop the asset with the almost certain loss of the licence.

The proposal requires shareholder approval. The vote will take place at a general meeting on 4th December.

[chris cat] 21/11/2015 16:05

I have recieved a motive of general meeting with a resolution regarding $16.5m from verelton holdings. Can somebody explain this please?

[arthurdaley69] 20/11/2015 08:55

Hi chaps,

Watching Question Time last night, I saw Mr Lebedev on the panel and it reminded me of my old nightmare of Timan.

It was therefore with some surprise that I stumbled across your thread, and an even greater shock to see an announcement!

Having attended meeting after meeting over the past 6+ years, it still appears that whilst the patient has been on a life-support, no-one has pulled the plug quite yet.

Is there any chance of making our voices heard once more? The assets were stolen from us, and even after surviving administration, there may be a tiny chance of getting some long ago written-off money back.

I await your responses.

[olivercromwell] 18/11/2015 07:09

Thanks Jason, will see you for a catch-up before xmas

[sportbilly1976] 17/11/2015 11:15

Mr Cromwell I presume :)

The information ye seek can be found on these links;

and less helpfully



Generally though:
"It is more difficult to value unquoted shares. The principle of the open market value will apply and information will be required about the company. A value will generally be obtained from the company accountant."

[olivercromwell] 17/11/2015 11:04

Does anyone on here know if I can leave unlisted shares like TMAN in my will? I know I can leave listed shares in my will but still a tad unsure about TMAN. I asked my sister-in-law (solicitor of 7 years supposedly) but she's unsure as her area of legal expertise does not cover this area.

Many thanks

[excell1] 10/11/2015 19:58

Really surprised that Miami has not said anything as yet.

[john henry] 08/11/2015 13:31

Am i correct in assuming the Timan-Pechora Assets have been lost by the present BOD.

[kubok012] 08/11/2015 12:22

The question is how much capex has been spent to save the license and for how much we can sell this asset.
Few months ago I was informed that we would not get more than 1mn$ for 80% of our caspian entity.
Now we are spending millions to be able to sell it for max of 1mn$?
I see no logic and not happy with continuous capex expansion at Timan level.
The board has no strategy and acting not inline with shareholders.

[cfccfc1970] 08/11/2015 10:50

Richie,

Thanks for posting, very encouraging....maybe just maybe...!!

[moormoney] 05/11/2015 23:51

Thanks Richie it certainly does seem positive for Timan and it's long suffering shareholders.

[kaos3] 05/11/2015 19:58

and Miami said zilch?

[richie1218] 05/11/2015 19:41

The above was posted on the web site
Can't remember seeing it on here, quite positive news imo, well done to the BOD.

[richie1218] 05/11/2015 19:32

Timan Oil and Gas Plc information release with respect to signing of new licence
agreements at OOO Geotermneftegas
16th October 2015
To the shareholders of Timan Oil & Gas Plc
Dear Shareholder
The Directors of Timan Oil and Gas Plc (“Timan Oil”, “Company”;) are pleased to inform the shareholders of the Company that in June this year OOO Geotermneftegas (“Geoterm̶1;), an operating subsidiary of Timan Oil, signed new licence agreements with the Federal Agency for Mineral Resources (Rosnedra), the relevant agency of the Ministry of Natural Resources and Environment of the Russian Federation.
Under the relevant Russian regulation the licence agreements are amendments to the licences themselves and set out the mandatory works and volumes of those works, which the licence‐holder has to perform on the licence blocks. Such works may typically include seismic exploration, exploration drilling, development and production drilling and volume of production.
OOO Geotermneftegas is an 80% indirect subsidiary of Timan Oil, which holds two
combined licences for exploration and production of hydrocarbons on the Russian
sector of the Caspian Sea bed off the shore of Republic of Dagestan. Geoterm holds licences to Block No. 2 Izberbash and Block No. 4 Sulak. The licences were issued to Geoterm in 1998 and both expire 2023.
Under the licence agreements, signed by Geoterm in 1998, and which Timan Oil
inherited when it acquired Geoterm in 2006, Geoterm was required to drill a total of 24 thousand metres of wells on both off‐shore blocks by 2004, which is approximately six to eight wells in total. Additionally Geoterm was required to complete 700 km of seismic surveys on Izberbash and 650 km – on Sulak, including processing and interpretation, by 2001.
By the time the current Board and Management Team took control of the Company
only 115 km of seismic data for Sulak was available to Geoterm, and 1077 km for
Izberbash, with no processing or reinterpretation having been done. The current
Directors and Management made it a priority for Timan Oil to complete the seismic surveys of Geoterm assets. By May 2015 all of the seismic obligations had been fulfilled. This was accomplished by buying out from contractors the seismic shot in prior years and interpreting it as well as by shooting brand new seismic in 2013,
processing and interpreting it. Internationally renowned technological major

Page 2 of 2

File name: Timan Oil Geoterm licences info release for shareholders final 16.10.2015
Halliburton was engaged by the current Board to reprocess and interpret the newlyshot seismic using seismic data acquired for previous years.
It was unrealistic for the Company, however, given the very limited funds available to it throughout the tenure of the current Board, to attempt to comply with the licence obligations on drilling. Given the licence period for exploration drilling closed in 2004,
even if the funding had been available to the Company, Geoterm would have not been able to commence drilling as it would be a breach of the licence agreements.
At the same time, non‐compliance with all of the licence obligations would lead to the licences being withdrawn from Geoterm. The continuing threat of licence withdrawal due to non‐compliance with drilling obligations was diminishing the value of the assets to virtually zero and making it impossible for the Company to either attract funding to develop Geoterm assets on its own or to procure interest for a farm‐out or divestment deal.
For reasons stated above the Directors are particularly delighted to have been able to sign and register the new licence agreements with the Agency in June this year. The new licence agreements require Geoterm to develop and complete a new exploration development programme on both blocks by June 2016 and to start exploratory drilling by January 2017. The new licence agreements do not specify volumes of exploration drilling Geoterm to perform. The licence agreements signed in 1998 have become void and obsolete from the moment the new agreements took force in June 2015.
It is with satisfaction that the Board of Timan Oil can report that following the work undertaken since October 2010 and in particular, since June 2012, OOO
Geotermneftegas is presently fully compliant with the work programme and
obligations on both of its off‐shore licences in the Caspian Sea.
The Board of Timan Oil and the management of Geoterm are presently working on
developing and approving with the relevant authorities the new exploration
development programme for both blocks.

For and on behalf of the Board of Directors of Timan Oil & Gas Plc.
Dmitry Chalov
Chief Executive Officer