Assets
01/09/2009 12:30pm
UK Regulatory
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from Kamanisk (served on 27 May 2009), and which was subsequently withdrawn by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
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