DGO.L Regulatory News (DGO)

24 Dec 2009 12:39



For immediate release

24 December 2009

DRAGON OIL PLC

 (the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")

Drilling Update

Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and production company, announces the completion and initial testing of the Dzheitune (Lam) 13/140 development well. The well was drilled to a depth of 3,320 metres by Rig 40 in a single completion. The initial tested rate was 1,317 bopd with further testing and optimisation scheduled to take place over the coming weeks. Rig 40 has skidded to Slot 4 on the Dzheitune (Lam) 13 platform to commence drilling the Dzheitune (Lam) 13/143 well.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

"I am pleased to report that we have completed eight wells this year and have set the stage for the drilling programme in 2010, having installed a new platform, the Dzheitune (Lam) B, and secured three full-time rigs, along with the Astra jack-up rig on a short-term basis."

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For further information please contact: 

Media enquiries:

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson 

Emma Woollaston

Investor and analyst enquiries:

Dragon Oil plc (+ 44 20 7647 7804)

Anna Gavrilova, Investor Relations 

About Dragon Oil

Dragon Oil plc is an innovative international oil and gas development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The Company acquired interests in Blocks 35, 49 and R2 (10%) in the Republic of Yemen in December 2007. 

Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in and is the operator of the Production Sharing Agreement for the Cheleken Contract Area. The operational focus is on the re-development of two oil producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov). 

www.dragonoil.com 

Note

This statement may contain forward-looking statements concerning the financial condition and results of operations of Dragon Oil. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. No assurances can be given as to future results, levels of activity and achievements and actual results, levels of activity and achievements may differ materially from those expressed or implied by any forward-looking statements contained in this report. Dragon Oil does not undertake any obligation to update publicly or revise any forward-looking statement as a result of new information, future events or other information.