11th Apr 2005 14:00
Dragon Oil PLC11 April 2005 PRESS RELEASE DRAGON OIL plc Dragon Oil Plc ("Dragon") COMPLETION OF MARINE 3D SEISMIC SURVEY Dragon is pleased to announce the successful completion of its marine 3D seismicsurvey in the Cheleken Contract Area, Turkmenistan. In December 2003, Dragonraised US$18 million before expenses by way of a private placement largely withnew and existing institutional investors, principally to fund the marine 3Dseismic survey. A total of 653.8 square kilometres of data has been acquired over the LAM andZhdanov fields and includes the fields' undrilled structures. A portion of the seismic data on the LAM field has already been 'fast-track'processed and interpreted, and the results will be utilised to select thelocation of a new wellhead and production platform to be installed in 2006. Processing of the full seismic dataset is currently in progress and this will befollowed by interpretation and re-mapping, expected to be completed in 1Q 2006. In addition to identification of new drilling opportunities Dragon expects themarine 3D seismic survey to provide a clearer picture of the fields' internalreservoir architecture, and thereby improve identification of drilling targetsand reduce uncertainty. Hussain M. Sultan, Chairman of Dragon commented: "This is a key milestone in our development of the Cheleken Contract Area, whichwill lead to an improved understanding of it. We have fast tracked theprocessing of some of the data for the LAM field so that we can identify thelocation of a new wellhead and production platform. We anticipate that the marine 3D seismic survey results, together with theworkover programme and continuous drilling programme, will be an importantcontributor in our drive to increase production." Ends Enquiries: Citigate Dewe Rogerson+44 20 7638 9571Martin Jackson Dated 11th April 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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