5th Mar 2007 15:48
Dragon Oil PLC05 March 2007 OPERATIONS UPDATE Highlights • Dragon commissions its onshore 50,000 barrels of oil per day New Processing Facility. Hussain M. Sultan, Chairman and CEO of Dragon commented: "I am pleased to announce that the company's New Processing Facility has beencommissioned. Construction of this facility is a significant achievement forDragon Oil. Going forward, this enables us to control the flow of crude oilproduction from the Cheleken fields more effectively, and in particular tomonitor more closely the quality and quantity of the crude oil being producedand exported." Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson / George CazenoveAnalyst enquiries: Nina Soon Operations update Dragon Oil announces the commissioning of its New Processing Facility andannounces that the Facility is fully operational, subject to final officialapproval from the Turkmenistan Government. Field trial commissioning has beenundertaken and the construction phase has been completed. All crude oilproduction from the Cheleken fields is now being diverted through the Facility.Dragon Oil expects to announce the formal opening ceremony of the Facility indue course in conjunction with the Turkmenistan Government. Commissioning represents completion of Phase I of the New Processing Facility.During 2007, Dragon Oil is planning to tender for Phase II of development of theFacility, which will enable the Facility to process, store and pump double thecurrent capacity of hydrocarbons. Phase II is still under planning at thecurrent time and is not expected to be complete until at least 2010. In recent months, Dragon Oil has also focused greatly on recruiting employees inkey roles, with a view to achieving its stated goals of accelerating the fielddevelopment, renewing aging infrastructure and diversifying its asset portfolio.Notably, Dragon Oil has recruited new employees to fill the key roles of Headof Engineering, Construction & Maintenance, Head of Contracts & Purchasing andSenior Exploration & Development Geologist. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DGO.L