Dragon Oil announces senior management changes
06/05/2008 4:52 pm EDT

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Hussain M. Sultan will continue in the role of Executive Chairman.

Dr. Al-Khalifa brings 23 years of leadership and technical experience in exploration and petroleum engineering to the Dragon Oil group. He joins the Company from Saudi Aramco where he managed a wide range of exploration, petroleum engineering and development departments, based in Dhahran, Saudi Arabia over the past 12 years.

Dr. Al-Khalifa was the first President of the International Society of Petroleum Engineers (‘SPE’) to be appointed from the Asia/Africa region and presided over the SPE from September 2006 until November 2007. During his time with the Society Dr. Al-Khalifa launched the SPE Industry Advisory Council where he focused on leveraging new technologies and engaging talent to improve corporate and industry performance.

Dr. Al-Khalifa has a doctorate in petroleum engineering from Stanford University and is a respected public speaker on the oil and gas industry. In addition, he has a keen involvement in humanitarian efforts, being a founder member of the Industry’s Humanitarian Support Alliance NGO (IHSAN-H2O).

Restructuring of Chairman and CEO role

Hussain M. Sultan, the current Chairman and CEO, will continue to have an integral role within the management team as the Executive Chairman of the Board. With Dr. Al-Khalifa assuming the role of CEO, Mr. Sultan will be able to apply greater focus on strategic activities including diversification of the Group’s portfolio and geographic positioning, as well as maintaining and improving relationships with Dragon Oil’s key stakeholders.

Hussain M. Sultan, Executive Chairman, commented: “I would like to welcome Dr. Al-Khalifa to the Company and I look forward to working with him closely in the next exciting phase of Dragon Oil’s future. His appointment is a significant achievement for Dragon Oil and I am certain that his wealth of experience in the E&P industry and extensive international contacts will contribute greatly to the ongoing growth and development of the Dragon Oil Group.

“I will continue to be heavily involved in Dragon Oil and I am keen to refocus my efforts on strategic business targets. I will be looking to build on our relationships with our shareholders, analysts and the wider financial community, as well as the Turkmenistan and the Yemen Governments. Furthermore, I will be devoting a great deal of my time to diversification of the asset base to secure long-term profitability and return on investment for our shareholders.”

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