28 December 2006
Timan Oil & Gas today became the 19th company with assets in Russia to join AIM.
An independent oil and gas exploration and production company, its principal assets are located in the Timan-Pechora region of Northeast European Russia and include licences covering part of the Nizhnechutinskoye field (“NGPT Field”) and part of the Khudayelskoye field (“KNG Field”).
The NGPT Field is estimated to contain approximately 191 MMbbls of Proved and Probable reserves and approximately 580 MMbbls of Proved, Probable and Possible reserves, and the KNG Field is estimated to contain (on a best estimate basis) approximately 147 MMbbls of Contingent Resources on an unrisked basis.
In addition, through its 80 per cent ownership of Geoterm, the Company has an interest in two licences over exploration blocks in the Caspian Sea.
The Company’s Board has experience in independent exploration and production companies and oil majors combined with experience of incorporating Western practices into field development and exploitation as well as Western corporate governance, reporting standards and financial best practice.
Commenting on the IPO, David Herbert, the Company’s Chairman, said:
“We are very pleased with the support institutional investors have given to the placing (IPO) which will enable us to pursue our growth plans, in particular of bringing the NGPT Field into production. The NGPT Field already represents a valuable asset for us, but we believe that this asset and our other interests could provide a further upside for investors. Over the next year, we intend to firm up the reserve base, and this will be a significant step towards becoming a leading independent in the Russian oil and gas industry. We look forward to the next stage of the Company’s development as a public company.”
The nominated adviser to the issue (IPO) is Strand Partners Limited, the global co-ordinator and joint bookrunner is Troika Dialog (Bermuda) Limited, and the broker and joint bookrunner is Mirabaud Securities Limited.