5th Jun 2007 09:15
Dragon Oil PLC05 June 2007 05 June 2007 PRESS RELEASE DRAGON OIL plc Dragon Oil Plc ("Dragon Oil") SIGNING OF CONTRACT FOR PLATFORM-BASED DRILLING RIG Highlights • Dragon Oil announces that it has signed a two year contract with Continental Industrial Supply Limited ("CIS") for the refurbishment and operation of Dragon Oil's platform-based drilling rig ("Rig 40"); and • Rig 40 is expected to be deployed in the fourth quarter of 2007, to commence drilling of a development well from the LAM 13 platform. Hussain M. Sultan, Chairman and CEO of Dragon Oil commented: "I am pleased that we have concluded this agreement to refurbish and deploy ourown Rig 40. This will give us the required rig security and enhances our abilityto meet our field development aspirations. With the signing of this agreement,CIS, which has significant experience in rig operations in Turkmenistan, willmanage both of the platform-based rigs deployed in the Cheleken Contract Area." Details Dragon Oil has signed a contract with CIS for the refurbishment and operation ofits own platform-based Rig 40. The refurbishment and mobilization process willtake approximately 6 months to complete and then CIS will operate Rig 40 indrilling operations for an initial contract duration of two years. Oncerefurbished, Rig 40 will be made ready for offshore operations and it isexpected to commence drilling operations towards the end of 2007. It is plannedthat Rig 40 will drill a series of development wells in the LAM field from theLAM 13 platform. Engineering and construction works has been underway for some time on the LAM 13platform, to make it ready for the planned mobilisation of Rig 40. These worksinclude an upgrade to the LAM 13 platform and the installation of additionaldrilling slots. Ends Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson / George CazenoveAnalyst enquiries: Nina Soon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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