Directorate Change
27/03/2009 8:28am
UK Regulatory
TIDMTMAN
RNS Number : 5935P
Timan Oil & Gas Plc
27 March 2009
Timan Oil & Gas plc ("Timan" or the "Company")
Directorate Change
Timan Oil and Gas ("Timan" or the "Company"), 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, today announces that Zhakyp
Marabayev stepped down as Chairman of the Company on 25 March 2008 with
immediate effect due to his recent appointment to a high governmental position
in Kazakhstan and as a result he cannot put sufficient time into Timan. The
Board would like to thank Zhakyp for his contribution to the Company to date
and wishes him well in the future.
At the same time the Company is pleased to announce with immediate effect the
appointment of Dr. Boris Litvak as Non-Executive Chairman. Boris Litvak has been
involved with the Company for one and a half years providing advisory services
and was appointed to the Board as a Non-Executive Director in December 2008.
Boris has over 30 years of experience in the oil and gas industry and has been
involved in many oil and gas projects around the world including in the Timan
Pechora region. Dr Litvak holds a PhD and honours degree from the Moscow Oil &
Gas Institute.
Zhakyp Marabayev commented:
"Regretfully I have to leave the Company to pursue new avenues. I firmly believe
that Timan has huge potential and wish the Board all success in meeting its
targets in the near future. The new appointment of Boris Litvak as Chairman,
should strengthen the operational management focus of the Company given his
significant experience in bringing major development programs on stream."
Commenting on the changes in the Board, Alexander Kapalin, Chief Executive of
Timan Oil & Gas, said:
"We would like to thank Zhakyp Marabayev for his professional contribution to
the Company to date and wish him success at his new high post.
At the same time we are very pleased to welcome Boris Litvak as Chairman. Boris
Litvak's extensive experience in the oil and gas industry will be important in
taking the Company from pilot scheme to the next stage of development.
Enquiries:
Timan Oil & Gas Plc
Alexander Kapalin, Chief Executive Officer
+7 499 241 63 43
+7 499 241 44 22
Strand Partners Limited
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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