Directorate Change

 

TIDMTMAN 
 
RNS Number : 4088X 
Timan Oil & Gas Plc 
13 August 2009 
 

13 August 2009 
 
 
 
 
TIMAN OIL AND GAS PLC 
("Timan" or the "Company") 
 
 
Directorate change, change in director's shareholding 
And update on funding 
 
 
The board of directors of Timan (the "Board") announces that Konstantin Ryzhkov 
has resigned as a director of the Company with immediate effect. 
 
 
The Company was also informed on 11 August 2009 that, on 10 August 2009 
ownership of two tranches of 8,171,336 and 1,720,000 ordinary shares in the 
Company (the "Ordinary Shares") passed from Cobco, a vehicle owned by Alexander 
Kapalin the CEO of the Company, and Boris Royter and Lachina, a vehicle wholly 
owned by Alexander Kapalin, respectively, to Earvil, a Company beneficially 
owned by Vitalay Belik. As a result of this, Alexander Kapalin is now interested 
in 2,012,000 shares representing 1.18 per cent. of the Company's issued share 
capital (the "Issued Share Capital") and Boris Royter is no longer interested in 
any Ordinary Shares. Earvil is now interested in 82,508,336 Ordinary Shares 
representing 48.27 per cent. of the Issued Share Capital. Redbell, which is also 
beneficially owned by Vitaly Belik holds 23,730,191 Ordinary Shares representing 
13.88 per cent. of the Issued Share Capital. In total, Vitaly Belik is now 
interested in 106,238,527 Ordinary Shares representing 62.15 per cent of the 
Issued Share Capital. 
 
 
Further to the announcement made on 19 May 2009, Tadco only subscribed for the 
first tranche of 2,800,000 Ordinary Shares and have been granted an option to 
subscribe for the remaining 5,600,000 Ordinary Shares under the original 
agreement at the price of 8.13 pence per Ordinary Share. This option is 
exercisable entirely at Tadco's discretion and expires three months following 
the date of the restoration of the Ordinary Shares to trading on AIM. 
 
 
Further to the announcement of 8 June 2009, in which it was stated that Kamanisk 
would provide the Company with $1 million during the course of June, it is 
confirmed that $688,000 was paid in total, of which $88,000 was paid to the 
Company and the remainder to one of the Company's Russian subsidiaries. 
 
 
Discussions are ongoing with a view to providing the Company with urgently 
needed funding to satisfy creditors and provide working capital to allow the 
Company to continue to trade. 
 
 
A further announcement will be made in due course. 
 
 
 
 
 
 
Enquiries: 
 
 
Timan Oil & Gas plc 
Alexander Kapalin, Chief Executive Officer 
[phone] 
 
 
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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