Offshore Well Drilling to be Completed by Mid-2007

Azerbaijan, Baku / corr Trend S.Aliyev / The State Oil Company of Azerbaijan (SOCAR) reported that at present the borehole bottom at the well, carried out by the Azeri Drilling Company Limited joint venture exceeds 3,500m. Azeri Drilling Company continued drilling the first well on '8 Mart' after it received all the necessary equipment and pipes. The drilling work is expected to completed by mid-2007.

The well with the project depth of 6,000 m is drilled from deepwater jacket 759 and there are plans to drill 10 wells on this field. The first wells will be drilled with deepwater jackets on 8 Mart field. By mid-2007 the drilling of 3 wells will be completed and the daily withdrawal of each well is expected to comprise of 300,000 - 400,000 cu.m. of gas.

Azeri Drilling Company JV was founded by SOCAR (35%), British Firstdrill Ltd (30%) and Target Petroleum (35%) companies.

The company is involved in drilling oil and gas wells (including horizontal and special drilling), cementing and consolidation of wells, assimilation, overall and underground repair, geophysical researches and perforation.

The key task of JV is to carry out drilling work on '8 Mart' and Bulla Daniz fields with the advanced jackets.

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