Dragon Oil has reached an agreement to extend the contract for the Iran Khazar jackup rig for a further two years commencing May 2009. The Iran Khazar rig is currently drilling the first of four wells to be completed by the year-end.

Dr. Abdul Jaleel Al Khalifa, Chief Executive Officer , commented, " I am pleased to announce that Dragon Oil has successfully negotiated an extension of the contract for the Iran Khazar jackup rig. Despite a limited availability of rigs in the Caspian Sea, we managed to secure the rig we have been using for a number of years and will continue to use for another two years to ensure that our drilling programme remains on track."
 

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