Kamanisk Update

 

TIDMTMAN 
 
RNS Number : 7750R 
Timan Oil & Gas Plc 
06 May 2009 
 
 
 
Timan Oil & Gas plc ("Timan" or the "Company") 
 
 
Update on Kamanisk 
 
 
Timan has recently received $480,000 of the $1 million that was expected from 
Kamanisk Holdings Limited ("Kamanisk") by 30 April 2009. This will be used for 
short term working capital purposes.   As a result Timan has now received 
$11,162,000 in total from Kamanisk since October 2008.  Following the 
announcement of 1 April 2009 the new arrangement with Kamanisk, as then 
summarised, is in the final stage of being documented. A further $13,838,000 
million therefore is expected from Kamanisk before the end of September 2009. 
 
 
Despite receiving a lower amount than expected by 30 April 2009 from Kamanisk 
the board of Timan ("Board") considers that Timur Kuanyshev will be able, 
through Kamanisk, to fund the remainder of his commitment of $25 million. 
 
 
The Board continues to seek a strategic partner to fund the long term 
development of its oil assets.  Whilst the Company is currently in discussions 
with a third party there is no guarantee that any agreement will be finalised. 
 
 
Further announcements will be made in due course. 
 
 
Enquiries: 
 
 
Timan Oil & Gas plc 
Alexander Kapalin, Chief Executive Officer 
Boris Litvak, Non-Executive Chairman 
[phone] 
 
 
Strand Partners Limited 
Rory Murphy/Simon Raggett 
+ 44 (0) 20 7409 3494 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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