18th Jun 2009 07:00
18 June 2009
DRAGON OIL plc
(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Contract for a short-term jack-up rig signed
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and production company, announces that it has signed a contract with BKE Shelf Limited to hire the Astra jack-up rig for a period of six months commencing in November 2009 on favourable terms. The Group plans to use this jack-up rig to drill two wells during the contract term. Dragon Oil has previously employed this rig on a short-term contract basis.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:
"I am pleased to report that Dragon Oil has secured the availability of the Astra jack-up rig to drill two wells and to help achieve its production growth forecast. The Group remains committed to securing additional rigs on attractive terms for the development of the Cheleken asset."
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)
Joint brokers and financial advisers
Davy Corporate Finance Tel: +353 1 679 6363
Hugh McCutcheon
John Frain
Merrill Lynch International Tel: +44 20 7628 1000
Andrew Osborne
Craig Kennedy
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:
The directors of Dragon Oil accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Davy Corporate Finance, which is regulated in Ireland by the Financial Regulator, is acting for the Company and no-one else in relation to the Approach and will not be responsible to anyone other than the Company for providing advice in relation to the Approach.
Merrill Lynch International, which is regulated in the UK by the FSA, is acting for the Company and no-one else in relation to the Approach and will not be responsible to anyone other than the Company for providing advice in relation to the Approach.
Any person who is a holder of one per cent. or more of any class of shares in Dragon Oil plc may be required to make disclosures pursuant to Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 and 2008.
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.
Related Shares:
DGO.L