Timan Oil & Gas said Wednesday that as a result of a publication on the website of the Moscow Ninth Appellate Arbitration Court, the Company has recently become aware of two appeals, filed by the Russian Federal Subsoil Agency (Rosnedra) on Dec. 27 2007.
Timan Oil & Gas said Wednesday that as a result of a publication on the website of the Moscow Ninth Appellate Arbitration Court, the Company has recently become aware of two appeals, filed by the Russian Federal Subsoil Agency (Rosnedra) on Dec. 27 2007.
The appeals relate to rulings on NGPT's license extension and an order to grant NGPT an exploration license over the Zapadno-Vodnenskoye area in the Timan-Pechora region.
Both rulings were made in the Company's favour by the Moscow City Arbitration Court on Oct. 4 and Oct. 17, 2007 respectively.
The Company said it expects that the Court will consider both appeals later this month.
Timan continues to hold title to all its licenses, including the NGPT license extension. The license over the Zapadno-Vodnenskoye area in the Timan-Pechora region cannot be issued pending the appeal hearing.
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