Dragon Oil See Success with LAM Workover Program

LAM Field, Turkmenistan
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Dragon announces the successful workover of well LAM63/63 which was re-completed with a hydraulic work-over unit. The workover of LAM 63/63 is part of the ongoing work-over program. The well achieved a substantial increase in production from 131 barrels oil per day ('bopd') before work-over, to 1,134 bopd, with low gas and zero water cut.

To date a total of six wells have been worked over giving total incremental production of 5,235 bopd. All the wells worked over have a low water cut and low gas to oil ratio. The well work-over program will continue and it is planned that a further three wells will be worked over and re-completed this year using the hydraulic work-over unit.

Hussain M. Sultan, Chairman of Dragon commented:

'We are delighted with the continued success of our well work-over program which is significantly increasing production at a time of high oil prices.

Due to this success we will continue with our 2004 well work-over program and we will assess further wells to be worked over in 2005.'

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