Still no cash resolution at troubled Timan Oil & Gas
Friday, April 25, 2008
Financial troubles at Timan Oil & Gas look set continue as the company continues to seek a resolution to its short term cash crisis.
In a statement today, Timan – whose shares were suspended from AIM in March – said it was actively seeking debt finance in the form of a secured bond in an effort to fund its intended operations for 2008.
Cash problems at the company started back in September 2007 when negotiations with banks over new finance started. Since then the company has announced plans to drill a further 150 wells at its NGPT field during 2008 but didn’thave the money to do it.
Today Timan said it was considering alternative, unspecified, sources of finance to continue operations in the short term and the its shares would remain suspended from AIM.
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