Timan has successfully completed preliminary negotiations with the state oil and gas company of Azerbaijan, SOCAR, over the provision of a jackup drilling rig and related drilling services. On September 21st, SOCAR confirmed a decision in principle to provide Geotermneftegas, Timan's 80% owned subsidiary, with an option on the jackup rig "Khazar". Subject to contracts being successfully finalized, this will allow Timan to proceed with exploration drilling on its Block No.2, Izerbash license offshore in the Russian sector of the Caspian Sea.
Timan is currently seeking to attract a major strategic partner on a farm-in basis for its Caspian project. The contract with SOCAR for the drilling rig would be financed by the funds contributed to the development of the project by the farm-in partner.
Commenting on the announcement, Alexander Kapalin, CEO of Timan, said: "In the context of exceptional current demand for rigs in the Caspian Sea, SOCAR's offer of this rig provides Timan with a timely and significant strategic advantage in its off-shore exploration program. These arrangements present Timan with the opportunity to proceed in the near future with its drilling program on Block 2, Izerbash, and with the possibility to make a significant discovery in the Caspian. Our immediate priority however remains to bring our Timan-Pechora asset NGPT to pilot production"
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