Dragon Oil Plc drilling update | Dragon Oil Plc drilling update -

Dragon Oil Plc drilling update

United Arab Emirates: Monday, October 01 - 2007 @ 16:35

• NEW PRODUCTION HIGH of 39,637 barrels of oil per day (“bopd”) achieved on 29th September 2007;
• Dragon Oil’s development well Dzheitune (Lam) A/122 is on production and yields an initial, combined flow rate of 3,563 bopd;
• The ‘Iran Khazar’ jack-up drilling rig has moved to spud a further development well, Dzheitune (Lam) A/123; and
• The ‘CIS-1’ platform-based drilling rig has spudded its first well, Dzheitune (Lam) 22/124, for Dragon Oil on 30th September.

Hussain M. Sultan, Chairman and CEO of Dragon Oil, commented: “I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) A/122 development well drilled from the Company’s Dzheitune (Lam) A production platform. The flow rate from this well is very promising and continues to reflect the improved results that we have seen in other recent wells from this area of the field. I am also pleased to report a new peak production just short of the 40,000 bopd which we had targeted to reach by 2008.

“The CIS-1 rig has spudded its first well for the Company from the Dzheitune (Lam) 22 production platform. This is an historic step for the Company as it will now have at least two rigs drilling at the same time for the foreseeable future. Our focus will now be on mobilizing the Company’s own Rig 40 as soon as possible.”

Drilling update details
Dragon Oil announces that it has completed its sixth well in the year to date, Dzheitune (Lam) A/122, which has been drilled from the Dzheitune (Lam) A platform using the ‘Iran Khazar’ rig. The well is yielding an initial flow rate of 3,563 bopd from the short and long strings. Testing of the individual short and long strings resulted in initial production rates of 2,153 bopd (on 20/64ths choke) and 1,410 bopd (on 22/64ths chokes) respectively.

The ‘Iran Khazar’ rig has since skidded to slot 5 on the Dzheitune (Lam) A platform and has spudded a further development well, Dzheitune (Lam) A/123. The new development well has a target depth of 4,100 metres.

The ‘CIS-1’ rig has been mobilized fully and has spudded a development well, Dzheitune (Lam) 22/124, on the Dzheitune (Lam) 22 platform. The ‘CIS-1’ rig is planned to drill a series of development wells from this platform and this new well is the first in that series. The well has a target depth of 3,800 metres.

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Monday, October 1- 2007 @ 16:35 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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