14th Oct 2009 07:00
FOR IMMEDIATE RELEASE
14 October 2009
DRAGON OIL PLC
(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Drilling Update
Dzheitune (Lam) 28/137 and 13/138 wells on production with initial combined test rates of 2,141 and 2,511 barrels of oil per day ("bopd") respectively
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) 28/137 and 13/138 development wells.
The Iran Khazar drilled the Dzheitune (Lam) 28/137 well to a depth of 3,301 metres. Testing of the short and long strings resulted in production rates of 1,020 bopd and 1,121 bopd respectively, with further testing and optimisation scheduled to take place. The Iran Khazar rig has finished its drilling programme on the Dzheitune (Lam) 28 platform and has been mobilised to the Dzheitune (Lam) A platform, where it has spudded the Dzheitune (Lam) A/139 development well. The Dzheitune (Lam) B platform is expected to be ready for drilling in November 2009.
The Dzheitune (Lam) 13/138 well was drilled by Rig 40, the converted land-rig, to a depth of 3,268 metres. Testing of the short and long strings resulted in production rates of 1,828 bopd and 683 bopd respectively, with further testing and optimisation scheduled to take place. Since completing the Dzheitune (Lam) 13/138 well, Rig 40, has skidded to slot 6 on the Dzheitune (Lam) 13 platform to commence drilling the Dzheitune (Lam) 13/140 well.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to announce that the Dzheitune (Lam) 28/137 and 13/138 development wells have been completed as scheduled. We are progressing the drilling programme in line with the field development strategy and we expect to have completed eight wells by the end of 2009."
- end -
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)
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 has interests in Blocks 35, 49 and R2 (10%) in the Republic of Yemen.
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.
Related Shares:
DGO.L