Timan secures an in principle offer of drilling rig

London based Timan has successfully completed preliminary negotiations with the state oil and gas company of Azerbaijan, SOCAR, over the provision of a jack-up drilling rig and related drilling services.

On 21st September SOCAR confirmed a decision in principle to provide Geotermneftegas, Timan’s 80% owned subsidiary, with an option on the jack-up rig “Khazar”. Subject to contracts being successfully finalised, this will allow Timan to proceed with exploration drilling on its Block No.2, Izerbash licence 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.