Russia's Timan to almost triple well count
MOSCOW, March 3 (Reuters) - Russian explorer Timan Oil & Gas Plc TMAN.L said on Monday it will almost triple the amount of wells it has this year, taking its well count to 214 and bringing it closer to a production phase.
The London-listed firm will drill 150 new wells this year, 113 of which will be production wells with the remaining 37 water injectors.
Production should start soon after the wells are drilled.
"We are still in an exploration phase, our methodology is not complete but it almost is," said Leonid Fink, a spokesman for the company.
The wells will be drilled in Russia's resource-rich Timan-Pechora region in the north, Timan said.
Timan, which also has fields in the southern Caucasus region of Dagestan, said its cooperation with a Gazprom unit should intensify over the coming weeks.
"There will not be just one agreement (with Gazprom), but a few," Fink said, declining to give more details.
Timan and energy services company Zapsibgazprom signed a memorandum of understanding last November, aimed at forming a working group together.
"We are interested in reducing costs in our drilling through using plastic pipes, which Zapsibgazprom provides," he said.
Zapsibgazprom, which is 86 percent owned by Gazprom, will also have the right to participate in the share capital of Timan in the future. (Reporting by Amie Ferris-Rotman; editing by James Jukwey)
