3rd Jun 2009 12:02
FOR IMMEDIATE RELEASE
3 June 2009
DRAGON OIL PLC (the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Drilling Update
Dzheitune (Lam) 28/134 well on production with an initial combined tested rate of 3,554 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) 28/134 development well that was drilled to a depth of 3,280 metres. Initial testing of the long and short strings resulted in production rates of 2,685 bopd and 869 bopd, respectively, with further testing and optimisation scheduled to take place over the coming weeks. The Dzheitune (Lam) 28/134 development well is the second well to be completed from the refurbished Dzheitune (Lam) 28 platform.
The Iran Khazar jack-up rig has now skidded to spud the Dzheitune (Lam) 28/136 development well. The platform-based Rig 40 is currently drilling the Dzheitune (Lam) 13/135 development well.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) 28/134 development well using the Iran Khazar jack-up rig. While the current production rate is approximately 43,500 bopd due to the slow start to the drilling programme this year; we, nevertheless, remain focussed on meeting our annual production growth forecast for 2009."
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Dragon Oil plc
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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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