Dragon Completes First Development Well at LAM Platform

Dragon Oil has successfully completed its first development well on the refurbished LAM 10 platform in the Cheleken Contract Area, offshore Turkmenistan, well LAM 10/110. The well was spudded in December 2004 as part of Dragon's continuous drilling program.

Well LAM 10/110 was drilled to a total depth of 4,875 m MD in reservoir Zone 12. Indications of oil and gas were encountered whilst drilling reservoir Zones 4 to 12. This is the first time Dragon has drilled to Zone 12 in the LAM field. It demonstrates there is potential for oil and gas at this deep reservoir zone.

Well LAM 10/110 was a monobore completion. It is anticipated that up to four intervals will be tested in the well, commencing with reservoir Zone 12.

The ASTRA jackup has been moved away from the platform location as its contract has finished. Following the well test program, the Iran Khazar jackup is expected to arrive at the LAM 10 platform by the end of April 2005 where it will continue the drilling program of up to 6 wells.

Hussain M. Sultan, Chairman of Dragon Oil commented: 'Well LAM 10/110 is the first and deepest well to be drilled from the refurbished LAM 10 platform. We are pleased with this start to the 2005 drilling program.'

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