Dragon Oil to Raise Capital for Seismic Survey

Dragon Oil has entered into arrangements to place 36,500,000 Ordinary Shares in the capital of the Company (representing approximately 10% of the existing issued share capital of the Company) at a price of Stg£0.28 per share. The Placing has been arranged by Aton Capital Group LLC and Davy Stockbrokers.

It is envisaged that the proceeds of the Placing, amounting to approximately US$18 million before expenses, will be to primarily fund the 3D seismic survey of the entire block in the Cheleken Contract Area of the Caspian Sea.

Application will be made to the Irish Stock Exchange Limited and to the London Stock Exchange for the New Ordinary Shares to be admitted to the Official List of the Irish Stock Exchange and the Official List maintained by the UK Listing Authority respectively, and to the Irish Stock Exchange and the London Stock Exchange for admission of the New Ordinary Shares to trading. It is expected that admission will be effective and that dealings in the New Ordinary Shares will commence on January 2, 2004.

Dragon's Chairman and CEO, Hussain M Sultan said 'The completion of a 3D seismic survey is an essential element for the development of a long term continuous drilling field development program and is pleasing that both existing and new institutional shareholders have supported this equity placing.

Dragon will continue to review all equity and debt financing options required to support its long term field development program.'

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