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19/04/2012

Dragon Oil CEO says it’s going for growth

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Market: LSE / ISE
Sector: Energy
EPIC: DGO
Latest Price: 520.00p  (-0.19% Descending)
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Market Cap: 2,661.37M
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Dragon Oil
www.dragonoil.com

Dragon Oil is an independent international oil and gas exploration, development and production company.  Our principal asset is the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The Group’s headquarters are located in Dubai, United Arab Emirates. Dragon Oil had proved and probable oil reserves as at 31 December 2009 of 617 million barrels and 3.1 trillion cubic feet of gas resources.

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Dragon Oil successfully completes two wells; exits 2011 producing 71,751 barrels a day

13th Jan 2012, 7:21 am by Ian Lyall The Iran Khazar rig has been mobilised to the Dzheitune (Lam) C platform and has spudded the Dzheitune (Lam) C/167 development well, Dragon said.

Driling results from two wells in the Caspian Sea made for a successful start to 2012 for Dragon Oil (LON:DGO).

The Dzheitune (Lam) 13/140A side-track produced at an initial rate of 2,123 barrels a day, while Dzheitune (Lam) A/165 well was completed as a dual producer and tested at a combined rate of 2,272 barrels.

The Iran Khazar rig has been mobilised to the Dzheitune (Lam) C platform and has spudded the Dzheitune (Lam) C/167 development well, Dragon said.

It also revealed it exited 2011 with a production rate of 71,751 barrels of oil per day.

Chief executive Dr Abdul Jaleel Al Khalifa said: "I am extremely pleased to announce a successful start to the 2012 Cheleken drilling programme. 

“We have already completed and tested one development well and one sidetrack well, and drilling from the Dzheitune (Lam) C platform has commenced on schedule. 

“We exited 2011 at the production rate of 71,751 bopd, ahead of our 70,000 bopd target, which was reached in mid-December. 

“The good news reported today puts us in a strong position to continue to deliver solid results from the Cheleken Contract Area as we progress through the year."

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