Timan Oil & Gas says 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.

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.”

Tags: Timan Oil & Gas