Ascom S.A. (the "Company") today announced that the Ministry of Oil and Gas of the Republic of Kazakhstan (the "MOG") cancelled the subsoil use contracts issued to Kazpolmunay LLP ("KPM") and Tolkynneftegaz LLP ("TNG"). The Company views the abrupt cancellation of KPM and TNG’s subsoil use contracts as the final step in a systematic campaign commenced by the Kazakh authorities in 2008 to illegally expropriate KPM and TNG’s assets and the investments made by their stakeholders in Kazakhstan. In recent months, the Kazakh authorities had increased their scrutiny and harassment of KPM and TNG. In connection with the criminal conviction of KPM and its former General Director for the alleged operation of an illegal pipeline, on June 9, 2010, in an effort to collect the...

Ascom S.A. (the "Company") announced that in connection with the proposed sale (the "Sale") of Tristan Oil Ltd. ("Tristan Oil"), Kazpolmunay LLP ("KPM") and Tolkynneftegaz LLP ("TNG") to Cliffson Company S.A. (the "Buyer"), the equity holders of Tristan Oil, KPM and TNG (collectively, the "Sellers") and the Buyer have agreed to extend the time that the parties have to satisfy certain closing conditions, including, but not limited to: obtaining the necessary consents and approvals from the Kazakh authorities to effectuate the Sale of KPM and TNG to the Buyer; and waiver of certain provisions of the Indenture pursuant to which the Tristan Oil issued its 101/2% Senior Secured Notes due 2012 (the "Notes") including, but not ...

Ascom S.A. (the "Company") today announced that the Ministry of Oil and Gas of the Republic of Kazakhstan (the "MOG") cancelled the subsoil use contracts issued to Kazpolmunay LLP ("KPM") and Tolkynneftegaz LLP ("TNG"). The Company views the abrupt cancellation of KPM and TNG’s subsoil use contracts as the final step in a systematic campaign commenced by the Kazakh authorities in 2008 to illegally expropriate KPM and TNG’s assets and the investments made by their stakeholders in Kazakhstan. In recent months, the Kazakh authorities had increased their scrutiny and harassment of KPM and TNG. In connection with the criminal conviction of KPM and its former General Director for the alleged operation of an illegal pipeline, on June 9, 2010, in an effort to collect the...

Ascom S.A. (the "Company") today announced that its subsidiary Tristan Oil Ltd. has paid in full the January 1 interest payment obligation on its 10½% Senior Secured Notes due 2012.

Ascom S.A. (the "Company") today announced that in connection with the ongoing criminal investigation initiated by the Agency for Fighting Economic Offences and Corruption of the Republic of Kazakhstan against Kazpolmunay LLP ("KPM") and its general director, on November 12, 2009, the Mangistau Regional Court (the "MRC") upheld the ruling of Aktau Town Court, which on September 18, 2009, ruled that the General Director of KPM was guilty of allowing KPM to operate a main pipeline without obtaining a state license and sentenced him to 4 years of imprisonment and ordered KPM to pay to the Republic of Kazakhstan approximately US$ 145.0 million in fines. KPM and its General Director will appeal the ruling and will continue to pursue all legal remedies available to defend against...

Ascom S.A. (the "Company") today announced that in connection with the tax assessment imposed by the Tax Committee of the Ministry of Finance (the "TCMF") against Kazpolmunay LLP ("KPM") and Tolkynneftegaz LLP ("TNG"), which was challenged by KPM and TNG in the Specialized Inter-district Economic Court of Astana (the "CIECA"), on September 8 and September 9, 2009, the CIECA ruled against KPM and TNG and found that the tax assessment had been properly imposed. KPM and TNG appealed the ruling in the Civil Collegium of Astana Court (the "CCAC") which on October 28, 2009 cancelled the decision of the CIECA and sent the matter back down to the CIECA for a renewed review and hearing. The CCAC ruled that the judges who previously ruled on this matter at the CIECA should...