On 20 February 2017, it was announced that Bashneft International B.V. had spudded the Salman 1 exploration well in Block 12, south Iraq. The well is understood to have completed drilling in early October 2017. No result has been reported. The well had a PTD of 4,245 m and was targeting the Triassic Kurra Chine Formation. In December 2015, Premier Oil plc signed an agreement with Bashneft under which Premier was to assign its 30% participating interest in Block 12 to Bashneft. The transaction was reported as finalised in early February 2017 however it is still awaiting ratification from the Iraqi government. Bashneft is operator of the licence and, following completion of the transaction, has a 100% participating interest in the licence. Iraqi Oil Exploration Company (IOEC) conducted 2D and 3D seismic surveys in Block 12 on behalf of the participants in 2014 and 2015 respectively.  Bashneft was awarded an exploration, development and production service contract (EDPSC) for Block 12 on 28 June 2012 following negotiations after Iraqâs fourth licensing round. At the time, Bashneft (70%, operator) retained Premier Oil (30%) as a partner in the project. An initial contract for the block was signed on 1 August 2012 and Iraqi cabinet approval was received on 25 September 2012. The contract was subsequently finalised on 8 November 2012. Under the contract, Bashneft will undertake a 2,000 km 2D seismic survey and drill one exploration well. The contract stipulates that USD 120 million must be spent on geological exploration over a five-year period. Bashneft had originally submitted a bid for Block 12 with partners Premier Oil and PetroVietnam during the licensing round held in late May 2012. However the remuneration rate of US$9.85/boe was not accepted by the Iraqi Oil Ministry. Bashneft subsequently accepted a remuneration fee of USD 5/boe. The block is located in Najaf and Muthanna provinces and covers an area of approximately 8,000 sq km. Â 
Iraq (Widyan-Mesopotamia Province) Salman 1 op. by BASHNEFT (100.0%) in Block 12