Timan Share Discussion Threads

[olivercromwell] 03/11/2009 20:12

i don't see it as relevant now. if redbell have given their word to protect our interests and they're working to retrieve the assets then a SFO involvment would achieve nothing anyway

oc

[buzzzzzzzz] 03/11/2009 19:53

But the directors are subject to British law!

[753690] 03/11/2009 18:55

This is a letter I received in the post today from the Serious Fraud Office.
"Thank you for your letter dated 19th October 2009 concerning Timan Oil and Gas PLC.
The SFO has evaluated the information you have provided to us, along with other related information that we have collated during our intelligence case. It is with regret that I have to inform you however that we have concluded that it is not appropriate for the SFO to investigate this case.
I understand that you may be disappointed to hear this, but hope the following information will help to explain our decision.
The SFO is a relatively small, highly specialised government department that is permitted by law to investigate only those cases where there are reasonable grounds to suspect serious or complex fraud. For this reason, we take on only a small number of new cases each year and almost all of these are referred to us by the police or other law enforcement agencies.
We have looked carefully into the matters concerning Timan Oil and Gas and the transfer of its assets to Kamanisk Holdings Ltd. The key criterion used in the evaluation of this case was whether an instance of the most serious or complex fraud has occurred in this jurisdiction (England, Wales or Northern Ireland), that would be best investigated by the same authority responsible for its prosecution.
Assessed against this criterion and after careful consideration, the SFO reached its conclusion that this matter would not be best pursued within the jurisdiction of this office. The assets in question are located and registered in the Russian Federation and the legal title to them would therefore be subject to Russian law. As a result, you may wish to pursue the matter further through the Russian authorities and legal system. The British Embassy in Moscow has compiled a list of lawyers who are able to provide legal advice on matters related to Russian law, details of which can be found at the following internet address:



Furthermore, Timan's admission document to the Alternative Investment Market lists the company's solicitors with regards to 'Russian law and legal title to assets' as PricewaterhouseCoopers CIS Law Office in Moscow. You may therefore wish to pursue legal enquries through PricewaterhouseCoopers and the contact details are as follows:
PricewaterhouseCoopers CIS Law Office B.V.
Kosmodamianskaya Nab.52
Building 5
115054 Moscow
Russia
Tel [phone]
Fax [phone]

It is with regret that I have to give you what may be disappointing news. I would however like to thank you once more for bringing this matter to the attention of the SFO.
Yours sincerely


Alex Daley
Intelligence Unit
Serious Fraud Office

What is anyone's opinion of this letter - something not quite right?

[cestnous] 03/11/2009 13:54

Thanks Buzz GOTIT. Will be tightly held Cheers Tommytt; did not come through but thnks for trying.

[tommyttrades] 03/11/2009 13:51

I'm sure I sent that out cestnous?
If you don't receive from Buzzzzzzzzz then let me know.

[buzzzzzzzz] 03/11/2009 13:41

Nous

You have mail.

[cestnous] 03/11/2009 13:33

Tommy tt

Don't know if you saw my post earlier, email is [e-mail]
Much appreciate your offer.
Cheers
Nous

[tommyttrades] 03/11/2009 13:25

I must have far too much spare time as I just counted the zzzzzzzzzzzzz's to check there were 8.

Need to get out more.

[olivercromwell] 03/11/2009 13:20

it was a rhetorical question mate. i can count and there's 9 !! ahaha, i fink

oc

[buzzzzzzzz] 03/11/2009 13:12

OC

Miami not gone awol. He is on top of the situation and when he has news he will let us know.

Transparency is all very well but sometimes negotiations are best done behind closed doors.

The transparency will come, hopefully, when it is announced.

Redbell are working their nuts off.

[olivercromwell] 03/11/2009 12:48

what's happening buzzzzz cos Miami has gone awol (or chosen to remain silent etc)? I know we have to wait and be patient but transparency is at a premium at present

cheers

oc

[blue85] 03/11/2009 11:16

they were supposed to be squeaky clean at sibir....two big brokers both beginning with M. brokers are in it for the cash, don't ever think otherwise (i was one once)

[buzzzzzzzz] 03/11/2009 10:51

blue

Given what you say I would suspect that there must be a compelling case to invest in Exillon.

I would suspect that the management team at Exillon will have to be squeaky clean and will have to convince investors that they are different.

Who is the broker and who is the NOMAD for Exillon, they must be confident and will have done their due diligence!

[blue85] 03/11/2009 10:45

i don't disagree with anything you say buzzz but why would you invest your money in russian management/companies when they have shown nothing but contempt for investors? see UEN, TMAN, SBE. why is this stock being listed in london? why are the authorities not doing more to protect the investors given the political captial at stake (apparently)?

[buzzzzzzzz] 03/11/2009 10:38

EEERRRRRR

Excuse me blue but I can't see what is scandalous about Exillon at all.

No doubt they have full title to their licences etc etc


What is scandalous is the way Strand, Cobbets and the directors of TMAN have allowed Kapalin to land TMAN in this mess. You have read the email!


Miami's take on this would be


Get the assets back in place and then TMAN can raise some cash and then our value might reflect more favourable with Exillon. In my opinion TMAN will be sold PDQ IF the assets are returned.


Look at EEL there is life after delisting and I believe that Belik is an honourable man who won't stoop to the tactics used at EEL to dupe shareholders to sell.

[blue85] 03/11/2009 10:25

i really do think its scandalous that this exillon energy with assets in timan pechora (131mmboe) is being ipo'd and we are in this mess. where's miami - i want to know his take on this?

[cestnous] 03/11/2009 09:02

Thanks for that Tommy. Yes, I did send an e-mail to Belik
Please forward to
Many thanks

Nous

Edit removed

[zchanl1] 03/11/2009 08:46

Thanks Blue, glad you agree

;-)

[cl2201] 03/11/2009 00:04

Yes, what Blue85 said.

MRP have raised 7 million GBP and I believe they have an existing $35 million credit facility. That leaves them about $250+ million short of buying TMAN, in my book!

We might be heading for a delist but our assets (once handed back) will still be worth a huge amount.

To put it into context, we have approximately three times less reserves than Sibir Energy. They were bought out for appoximately 1.9 billion GBP. They were producing around 90,000 bopd, which is a huge part of the equation. However, even when one takes this into account, TMAN could still be valued in the 200 million GPB range, IMO.

OC, IMO, our investment is safe.

[zchanl1] 02/11/2009 20:44

Wonder if TMAN will be first on the menu for MRP???

Wishful thinking perhaps

GLAH