Dragon Oil plc is an independent oil and gas exploration and production company whose shares are traded under a dual primary listing on the Stock Exchanges in London and Dublin. In 1999, the Emirates National Oil Company (ENOC) became the major shareholder in Dragon, when it acquired 69.4% of the shares. The Companyís principal interests are located in the Cheleken Contract Area (previously Block II) in the Caspian Sea, offshore Turkmenistan. Dragon currently produces around 8,000 bpd from two fields in the Cheleken Contract Area. However this will be significantly increased under the proposed re-development plan, which ultimately could achieve production of 80,000 bpd, materially enhancing the economic value of Dragonís interest.
Longer term, the Company's strategy will be to invest in oil and gas projects in the Middle East and Caspian region. In July 1999, the Companyís head office was transferred to Dubai, U.A.E. In view of the prolific oil and gas reserves base of the region and its growing energy demand, Dragon is strategically located in Dubai to capitalize on opportunities which arise in the future. To enable this the Company has recruited an experienced technical and commercial team to manage and develop the business.