TMAN Timan

    RNS Number : 6999J
  Timan Oil & Gas Plc
  08 December 2008
   



    TIMAN OIL AND GAS PLC (LSE AIM: TMAN)
    Update on the loan facility deal with Kamanisk Holdings 
    

    Timan Oil & Gas PLC ("Timan" or the "Group") is pleased to announce that as of 4 December 2008 all the necessary conditions required to
draw down up to $22 million of the $100 million loan facility, secured with Kamanisk Holdings Limited ("Kamanisk") earlier this year, have
been satisfied or waived. The Group and its subsidiaries will be required to grant further security to Kamanisk, as detailed in the
announcement of 9 October 2008, prior to the draw down of monies exceeding $22 million. 

    The Group has already received $8 million of funding under the facility as of the date of this announcement.

    Commenting on the initial draw downs following completion of the loan facility Dmitry Chalov, CFO of Timan, said: "It is very satisfying
for us to have completed this deal with Kamanisk and to be drawing down funds at a time when oil companies find it challenging to secure
funding. We value this opportunity to finance our asset development and production programme and as the Timan is now in a position to draw
down further funds, we are looking forward to working with Kamanisk towards boosting our operations in the fields.

    Enquiries:

    Timan Oil & Gas PLC
    Alexander Kapalin, Chief Executive Officer
    Dmitry Chalov, Chief Financial Officer
    David Herbert, Chairman
    +7 495 22 333 90

    Strand Partners
    Rory Murphy
    + 44 (0) 20 7409 3494

    Merlin
    David Simonson
    Leonid Fink
    + 44 (0) 20 7653 6620


This information is provided by RNS
The company news service from the London Stock Exchange
 
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