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19 Apr 2010 12:14
19th April 2010
DRAGON OIL PLC (the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Drilling Update
Highlights
·; Development / appraisal well Dzheitune (Lam) B/141 tested at an initial combined rate of 1,895 barrels of oil per day ("bopd")
·; Workover of well Dzheitune (Lam) A/125 completed yielding an incremental production of 562 bopd.
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and production company, today announces the successful completion and initial testing of the Dzheitune (Lam) B/141 development and appraisal well. The well tested at a combined rate of 1,895 bopd with the short string and long string contributing 761 bopd and 1,134 bopd respectively, with further testing and optimisation scheduled to take place. The well was drilled to a depth of 4,502 metres.
Since completing the Dzheitune (Lam) B/141 well, the Astra jack-up rig has skidded to the second slot on the Dzheitune (Lam) B platform and has spudded the Dzheitune (Lam) B/145 development well.
As part of the workover programme, the Iran Khazar rig has completed a work-over of the well Dzheitune (Lam) A/125. The workover operations included additional perforations that yielded incremental production of 562 bopd. The Iran Khazar rig will shortly commence the side track of the Dzheitune (Lam) A/129 well.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to report the successful completion and initial testing of the first well B/141 from the new Dzheitune (Lam) B production platform. This is the first of eight wells planned for this platform. I am also pleased to announce that workover programme for the year has commenced with the Iran Khazar rig successfully completing the workover of well Dzheitune (Lam) A/125."
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For further information please contact:
Media enquiries:
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
Investor and analyst enquiries:
Dragon Oil plc (+44 20 7647 7804)
Sally Marshak, 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.
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
Disclaimer
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.
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