As of 19th February 2007, the drilling of 12 production and four water injection wells has been completed, despite the impact of extreme low temperatures (-35 to -40C) experienced in the area. The wells have all been drilled to the planned depth of 115 meters, fully penetrating the oil-bearing sands of Reservoir I (as defined in the admission document of 22 December 2006). Timan intends to finalize drilling the Pilot Project wells during March 2007.
The preliminary results indicate the presence of hydrocarbons in all wells drilled to date. All the production wells have been flow tested, and initial natural flow rates from these wells have averaged 15-25 barrels per day with the subsequent decline due to the lack of reservoir pressure. This is the anticipated scenario prior to water injection. Water injection, a technique covered by Miller and Lents Ltd in the competent person report, is expected to start 6-8 weeks after the completion of drilling and testing.
The Company is also on track with its exploration program on the Geoterm offshore prospects in the North West Caspian, and has completed processing and interpretation of a 2D seismic survey over Izberbash Block 2. A full competent person's report by Miller and Lents Ltd on the prospectivity of the Geoterm licenses is anticipated to be published later this year.
Timan is an independent oil and gas exploration and production Company whose principal assets consist of licenses in the Timan-Pechora region of northeast European Russia (the Nizhnechutinskoye field or "NGPT Field"; the Khudayelskoye field or "KNG Field"; and 80% ownership of the exploration blocks in the Caspian Sea or "Geoterm").
The Company has its headquarters in London and offices in Moscow, Ukhta and Makhachkala.
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