19th May 2009 07:00
FOR IMMEDIATE RELEASE
19 May 2008
DRAGON OIL PLC
(the "Company" or together with its subsidiaries, "Dragon Oil" or the "Group")
Drilling Update
Dzheitune (Lam) 13/133A well on production with an initial combined tested rate of 2,628
barrels of oil per day ("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) 13/133A development well. The reached depth was 2,975 metres. Testing of the long and short strings resulted in production rates of 1,488 bopd and 1,140 bopd, respectively, with further testing and optimisation scheduled to take place.
The Dzheitune (Lam) 13/133A development well is the first well to be completed using Dragon Oil's own platform-based drilling rig, Rig 40, following its refurbishment and upgrade. Since completing the Dzheitune (Lam) 13/133A well, Rig 40 has skidded to slot three on the Dzheitune (Lam) 13 platform and has spud the Dzheitune (Lam) 13/135 development well.
In addition, the Iran Khazar jack-up rig is currently on course to complete initial testing of the development well Dzheitune (Lam) 28/134 by the end of May 2009.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) 13/133A development well using Dragon Oil's own Rig 40. Efforts to secure an additional land rig are ongoing, the drilling programme is progressing well and we are confident of achieving our target to complete eight wells by the end of 2009."
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
For investor queries: Leanne Denman, Investor Relations Officer (+971 4 305 3660)
For analyst queries: Anna Gavrilova, Communications Officer (+44 20 7647 7804)
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.
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