Russian Government Moves to Revoke Timan's License Extension

Timan Oil & Gas Plc said that it has become aware that an order has been issued by the Russian Federal Subsoil Agency (Rosnedra) pertaining to the 21 November 2006 extension of the boundaries of its NGPT license in the Timan Pechora region which increased the area of the license from 131 sq km to 215 sq km. The order has been issued to the Subsoil Agency of the Komi Republic in order to initiate proceedings to revoke the extension although no formal notification has been received by the company.

The company does not believe there is any justification for this order. No formal audit of the NGPT's performance of the license has been initiated by the controlling authorities as would be required.

The company has been advised by its Russian legal advisers that as due process has not been followed by the relevant authorities, they are confident that a satisfactory outcome will be reached. Indeed the company's compliance with the licenses in the Komi Republic was formally confirmed by the relevant authorities in 2006. However, in the circumstances, in order to pre-empt the situation and to protect its position and the position of investors, the company has filed a claim in the Moscow Arbitration Court to suspend the order and have it deemed invalid and therefore confirm the validity of the license extension.

Alexander Kapalin, Timan's CEO, made the following comment: "I am firmly of the belief that the order from the Federal Subsoil Agency has been issued incorrectly due to misunderstanding and will be deemed invalid at the Moscow Arbitration Court."

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