Timan: Rosnedra's Appeal Dismissed
Timan Oil & Gas announced that on 28 February 2008 the Moscow Ninth Appellate Arbitration Court (the Court) dismissed the appeal by the Russian Federal Subsoil Agency (Rosnedra) against the ruling of the Moscow City Arbitration Court (the Arbitration Court) relating to NGPT's exploration licence over the Zapadno-Vodnenskoye area in the Timan-Pechora region.
In its decision the Court upheld the Arbitration Court's ruling that Kominedra's failure to issue the licence was unlawful and that Kominedra should issue the licence to NGPT.
In accordance with the Russian legislation the Court's ruling has immediate effect and Kominedra are now legally bound to issue the licence to the Company.
Alexander Kapalin, CEO of Timan Oil Gas plc commented: "We are very pleased with this new ruling and fully expect to be issued with the licence in the near future."