Market Update

 

TIDMTMAN 
 
RNS Number : 0013D 
Timan Oil & Gas Plc 
24 November 2009 
 

TIMAN OIL AND GAS PLC 
("Timan" or the "Company") 
 
 
Update regarding the return of assets and funding of the Company 
 
 
Further to previous announcements, the board of Timan (the "Board") announces 
that the Company, Kamanisk Holdings ("Kamanisk") and another primary stakeholder 
in Timan continue to negotiate a settlement whereby the Company's former 
subsidiaries Neftegazopromyslovye Tekhnologii Limited ("NGPT"), Komineftegas 
Limited Liability Company ("KNG") and Timan Management Limited Liability Company 
("Timan Management") (the "Subsidiaries") will be transferred back into the 
ownership of Timan and additional funding put in place to provide, inter alia, 
essential working capital to the Company . The Company hopes to have resolved 
discussions and the agreement documented by 9 December 2009, albeit it is likely 
that any agreement will be conditional on shareholder approval. 
 
 
The Company can confirm that it is in discussions with a Nominated Adviser. Such 
appointment will be conditional on, inter alia, an agreement being reached as 
described above. 
 
 
Assuming agreement can be reached, inter alia, on the return of assets, the 
Company's funding and the appointment of a Nominated Adviser, the Board expects 
to be able to complete and announce its audited results for the year to 31 
December 2008 and its interim results for the 6 months to 30 June 2009 as soon 
as possible at a date to be determined. The 2008 Annual Report would be posted 
to shareholders on the day of announcement of the final results. Timan's shares 
would then resume trading on AIM. 
 
 
Further announcements will be made in due course. 
 
 
Enquiries: 
 
 
Timan Oil & Gas plc 
Vitaly Belik, Non-Executive Director 
Dmitry Soloviev, Non-Executive Director 
[phone] 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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