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Marketing arrangements

17th Jan 2013 12:06

RNS Number : 7993V
Dragon Oil PLC
17 January 2013
 



17 January 2013

 

DRAGON OIL PLC

(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")

Marketing arrangements

Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, today announces that the Group has reached a two-year agreement with Socar Trading for the sale of the full volume of our export entitlement production via Baku, Azerbaijan.

The Group has reached an agreement to secure a reliable export route for all its anticipated export entitlement production until 31 December 2014, FOB (free-on-board) the Aladja Jetty. It is expected that the realised crude oil prices under this contract will be in the range of a 14-17% discount to Brent.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

"I am pleased to announce that we will continue to work with our partners who have provided us with a stable market for the Group's growing volume of the crude oil production. We have thoroughly analysed available routes to export our share and realised that additional options can be available in two-three years, which may enable us to achieve higher realised prices in the future."

 

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For further information please contact:

Investor and analyst enquiries

Dragon Oil plc (+44 (0)20 7647 7804)

Anna Gavrilova

Media enquiries

Citigate Dewe Rogerson (+44 (0)20 7638 9571)

Martin Jackson

About Dragon Oil

Dragon Oil plc is an international oil and gas exploration, 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.

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 news release 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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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