Firstdrill Signs Joint Venture with Socar and Target Petroleum

Firstdrill Ltd has signed joint venture agreement with SOCAR (the State Oil Company of Azerbaijan Republic) and Target Petroleum.

Firstdrill, a fast growing privately owned drilling engineering company based in Bournemouth, Dorset, will provide Operations Engineering support for the development of existing discoveries in the Caspian Sea. The Joint Venture will be known as the Azeri Drilling Company and will undertake in the first call, the drilling of 12 wells on two existing Azeri Fields, namely the 8th of March and the Bulla Field.

Peter Redman, Firstdrill's Managing Director, commented "We are extremely pleased and honoured to be working with SOCAR and Target Petroleum. Firstdrill is completely committed to the success of the Joint Venture, and we believe that the work over the years will be most interesting and rewarding."

Firstdrill is a fast growing British oil and gas service company providing project management, well engineering and operational support to the oil and gas exploration and production industry. Oil and gas operators can reduce their expenditure by having the benefit of Firstdrill's experience during their project, either as drilling engineering and supervision or complete management of the project.

Using expertise from the UK, the Former Soviet Union and around the world, Firstdrill has completed projects both on and offshore in many countries. Some recent projects have been conducted in the UK, Russia, Vietnam, India, the Ukraine, and the Ivory Coast