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Dragon Oil Plc (“Dragon Oil”)3D seismic survey update

United Arab Emirates: Wednesday, May 30 - 2007 @ 10:13

Updates include:
Completion of the static models of both the Dzheitun (‘LAM’) and Dzhygalybeg (‘Zhdanov’) fields expected by the end of 2007; and

Completion of the first phase of dynamic simulation modeling, an update to the fields’ reserves and incorporation in the Field Development Plan (‘FDP’) expected by mid-2008.

Hussain M. Sultan, Chairman and CEO of Dragon commented: “I am pleased to provide an update of the Company’s efforts to interpret the 3D seismic data relating to the Cheleken Contract Area. The completion of this project is very important to the long-term development of the Cheleken field and to the Company as a whole. We are making good progress and we expect to have substantially completed interpretation by the end of the year.”

3D Seismic update details
During 2004, the Company acquired a full-block 3D seismic programme (652 kms2) across both the LAM and Zhdanov fields. This data was then processed and made available for interpretation in the fourth quarter of 2005. A preliminary interpretation of the time-migrated data set was initiated at this time and the resultant maps were used by the Company’s Reservoir Development team to position the LAM A platform and to identify the potential for hydrocarbons in the LAM West structure.

As announced in recent releases, both of these areas have tested positively for hydrocarbons, by way of well A/119 and well 28/120 respectively. In spite of these successes, the Company recognized there were significant imaging problems of the time migrated seismic data set due to the structural complexity of the fields. To overcome these problems, a full depth migration of the data was required and this was received in late 2006 with a significant improvement in the data quality.

Presently, the Reservoir Development team is working with external consultants to complete a full set of maps at three key reservoir levels by the end of June 2007. In the meantime, the 3D seismic data is being used on a daily basis to assist with the planning/placement of new well locations. These maps will be the first input into a major exercise of subsurface (static and dynamic) reservoir modelling which will commence in the second half of 2007. The results of the modelling efforts, coupled with the integration the data from the new wells to be drilled in 2007/08, will be used as the basis for an update of the hydrocarbon volumes, recoverable reserves and will incorporated in the FDP. This will be undertaken during 2008.

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Wednesday, May 30- 2007 @ 10:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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