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Tuesday, October 23, 2007

Timan Oil To Retain Its License

October 23, 2007 - The St. Petersburg Times - MOSCOW — Timan Oil and Gas, a British-registered company working in northern Siberia, won a rare court victory on Friday that will allow the small oil and gas firm to retain its main license. Moscow’s Arbitration Court ruled in favor of the firm, which had sought to expand its main exploration and production license at the Nizhnye-Chutinskoye field in Timan Pechora, the company said in a statement. The court heard the case on October 5, it said. The Natural Resource Ministry’s subsoil agency had asked its Komi Republic branch to revoke the company’s license in February, but was overruled by the court, which could not be reached for comment. Shares in the firm, listed on London’s Alternative Investment Market index, soared 17 percent on Friday. Timan Oil and Gas never received official notification from the Komi subsoil agency, the statement added. The company has also been targeted for investigation by the ministry’s environmental agency, which in summer began to crack down on smaller foreign energy firms. Investigations by the Natural Resources Ministry’s agencies often work most to wreak havoc on company’s share prices. “We are pleased to resolve this matter successfully and look forward to continuing exploration and production activity as previously planned,” Timan founder and CEO Alexander Kapalin said in a statement.

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