RNS Number : 9838V
Dragon Oil PLC
05 June 2008
5th June 2008
DRAGON OIL plc
("Dragon Oil" or the "Company")
Drilling Update
Dzheitune (Lam) A/127 on production
Highlights
Dragon Oil's development well Dzheitune (Lam) A/127 yields a rate of 1,852 barrels of oil
per day ('bopd') on the short string and a
rate of 1,822 bopd on the long string.
Scheduled completion of wells Dzheitune (Lam) 22/128 and Dzheitune (Lam) A/129 expected in
July and August 2008 respectively.
Hussain M. Sultan, Executive Chairman of Dragon Oil, commented:
"I am pleased to announce the successful completion and initial testing of the Dzheitune
(Lam) A/127 development well, drilled from the
Dzheitune (Lam) A platform using the Iran Khazar jack-up rig. This is the fourth well we have
completed this year which is on schedule and
in line with Dragon Oil's target to drill up to 8 wells by the end of 2008."
Drilling Details
The Iran Khazar rig has completed initial testing of the Dzheitune (Lam) A/127 well on
schedule, which was drilled to a depth of 3,627
metres. Initial testing is completed and the well tested at an initial combined flow rate of
3,674 bopd from the short and long strings on
20/64ths choke. Testing of the individual short and long strings resulted in production rates
of 1,852 bopd and 1,822 bopd respectively.Further testing and optimisation is scheduled to take place over the coming weeks.
The CIS-1 rig has commenced drilling on the 8 ½" hole section of the Dzheitune (Lam)
22/128 well and it is expected that the well will
be completed in July 2008.
The Iran Khazar rig has since skidded to slot 2 on the Dzheitune (Lam) A platform and will
spud a further development well, Dzheitune
(Lam) A/129 shortly. The new development well has a target depth of 4,212 metres and is
expected to come on production in August 2008.
Background Note
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 and recently acquired interests in Blocks 35, 49 and R2 (10%) in the
Republic of Yemen.
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 in the Caspian Sea, offshore
Turkmenistan. Operational focus is on the
re-development of two oil producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
www.dragonoil.com
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 (+971 4 305 3600)
Leanne Denman, Investor Relations Officer
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
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