TNK-BP Holding (TBH) confirms that TBH and TNK-BP Management are defendants in a series of lawsuits brought in the Tyumen Oblast and Moscow arbitration courts by CJSC Tetlis, -- a minority shareholder in TBH.
Tetlis has filed suit to declare null and void the existing agreement between TNK-BP Management and BP Exploration Services to provide services by BP experts to TNK-BP.
The Tyumen Oblast Arbitration court issued an injunction prohibiting activities and payment for services of BP experts seconded to TNK-BP. The bailiffs served the injunction to the Company on May 5, 2008. The preliminary hearing of the matter in the Tyumen Oblast Arbitration Court is scheduled for May 20.
The management and shareholders of TNK-BP consider these actions to have no legal merit, and will make every effort possible to defend their position in accordance with Russian law.
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