Although a 2D seismic survey was shot in 2008 and partial 3D seismic survey in 2012, operations in the Block III contract area have not been possible since then due to a boundary dispute with the Republic of Azerbaijan which will require a political agreement for appraisal and development activities to proceed. The Company is encouraged by the strengthening of regional relations and in particular the strategic partnership declared by the Presidents of Turkmenistan and Azerbaijan in August 2017. In addition, the Caspian Convention signed in August 2018 by the five Caspian littoral states is a significant diplomatic breakthrough and represents a major achievement following more than 20 years of negotiations.
Buried Hill is hopeful that operations can recommence in the near future and stands ready to proceed quickly when resolution is achieved. Buried Hill is financed through to first production from the field.
The company also seeks to leverage its current asset and position in Turkmenistan to build a substantial E&P business. The Company actively screens and evaluates new opportunities in the Caspian and Central Asia region, close to its existing core asset and seeks to build on the relationships it already has in these areas.
By delivering on its strategy, Buried Hill seeks to create significant value for shareholders. Although the Company is currently unlisted, it is committed to support liquidity opportunities for investors to coincide with achievement of operational and other key milestones.