Sign In
23 Dec 2009 07:01
ο»Ώ
For immediate release
23Β DecemberΒ 2009
DRAGON OIL PLC
(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Contract for a platform-based rig awarded
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and production company, announces that it has awarded aΒ two-yearΒ contractΒ toΒ Naftna Industrija Srbije (NIS) NaftagasΒ forΒ theΒ lease and management of a land rigΒ (the "NIS Rig" and formerlyΒ known asΒ "CIS Rig 1")Β in the Cheleken Contract Area.Β
The Group previously employed theΒ rigΒ (CIS Rig 1)Β under a different contractorΒ to drill from the Dzheitune (Lam) 22 platform.Β Dragon Oil releasedΒ theΒ CIS Rig 1Β with the intentionΒ to secure a platform-based rig with higher specifications. However,Β during the tendering processes, DragonΒ OilΒ recognisedΒ the challengesΒ ofΒ sourcing such a rig takingΒ into accountΒ mobilisationΒ time,Β contract terms andΒ theΒ Group'sΒ standard requirements. It was,Β therefore,Β considered in theΒ Group'sΒ best operational interests to proceed with theΒ same rig but at more favorable contract terms and conditions.Β
The Group plans to drill seven wells using the NIS Rig duringΒ itsΒ contract term. The rig isΒ toΒ beΒ mobilisedΒ to the Dzheitune (Lam) 28 platformΒ shortly.
Dr Abdul Jaleel Al Khalifa, ChiefΒ Executive Officer, commented:
"I amΒ pleasedΒ to announce that Dragon Oil has awarded the contract forΒ theΒ lease and management ofΒ theΒ NISΒ platform-based rigΒ forΒ aΒ period of two years. We have nowΒ securedΒ three full-time rigsΒ alongsideΒ the AstraΒ jack-up rig, which isΒ contracted on a short-term basis to support our drilling programmeΒ in the Cheleken Contract Area."Β
-Β end -
For further information please contact:Β
Media enquiries:
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin JacksonΒ
Emma Woollaston
Investor and analyst enquiries:
Dragon Oil plc (+ 44 20 7647 7804)
Anna Gavrilova,Β Investor RelationsΒ
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.Β
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. TheΒ operational focus is on the re-development of two oil producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).Β
www.dragonoil.comΒ
Note
This statement may contain forward-looking statementsΒ concerning the financial condition and results of operations of Dragon Oil.Β 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.Β 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.Β Dragon Oil does not undertake any obligation to update publicly or revise any forward-looking statement as a result of new information, futureΒ events or other information.
Follow the stocks
