29th Jul 2009 09:01
FOR IMMEDIATE RELEASE
29 July 2009
DRAGON OIL PLC
(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Drilling Update
Dzheitune (Lam) 28/136 well on production with an initial combined tested rate of 3,291 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) 28/136 development well that was drilled to a depth of 3,075 metres. Initial testing of the long and short strings resulted in production rates of 1,841 bopd and 1,450 bopd, respectively, with further testing and optimisation scheduled to take place over the coming weeks. The Dzheitune (Lam) 28/136 development well is the third well to be completed from the refurbished Dzheitune (Lam) 28 platform.
The Iran Khazar jack-up rig has now skidded to slot 1 on Platform 28 where it has spudded the Dzheitune (Lam) 28/137 development well.
The platform-based Rig 40 is completing the Dzheitune (Lam) 13/135 development well with testing expected to be finalized within the next few days.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to report that the Dzheitune (Lam) 28/136 development well was completed successfully and on schedule. We are due to announce the test results of the development well Dzheitune (Lam) 13/135 shortly. We remain committed to ensuring good progress of the drilling programme to meet our annual production growth targets for 2009-2011."
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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.
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.
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