Your two red wires - if they were originally just one red wire then you can join them back together again. It may be that one of the red wires runs to the timer and the other disappears into the oven - if this is the case then there should be a terminal to connect them to.
As for the blue wire the manufacturer / designer would not have included a wire that goes nowhere. Your blue wire is intended to join two places together.
You do not describe the fault with your timer - or if you're trying to fit a replacement. You do not describe where these wires originate and together this makes understanding how to help you a little difficult.
You might consider calling in a specialist appliance engineer.
This youTube video might help you...
https://www.youtube.com/watch?v=JlPVgDoFMD4
Good Luck..., June 2016
