Dragon Oil Places Unsubscribed Open Share Offer

Following the closing of the Open Offer on May 26, 2005, Dragon has conditionally placed 14,695,970 Unsubscribed Open Offer Shares (the 'Placing Shares') with a value of Stg£12.9 million (US$ 24.7 million) with institutional investors in North America, Europe and the GCC. The gross proceeds of the Placing will amount to approximately Stg£12.9 million (US$ 24.7 million) and are intended to be used to bring forward certain elements of non-drilling capital expenditure for Dragon's field development plan for the Cheleken Contract area, offshore Turkmenistan.

The Placing was arranged by Aton International Limited and Davy Corporate Finance Limited with Emirates Financial Services PSC as lead manager in the GCC. The Placing is now only conditional on admission of the Placing Shares to the official list of the Irish Stock Exchange and the UK Listing Authority and to trading on the main markets of the Irish Stock Exchange and the London Stock Exchange.

Application has been made to the Irish Stock Exchange and to the UK Listing Authority for the Placing Shares to be admitted to the Official List of the Irish Stock Exchange and the Official List of the UK Listing Authority and application has been made to the Irish Stock Exchange and the London Stock Exchange for admission of the Placing Shares to trading on their respective main markets for listed securities. It is expected that admission of the placing Shares to the Official Lists will become effective and that dealings will commence, in respect of the Placing Shares by June 2, 2005.

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