Dragon Oil Sees Success with LAM Workover Program

Dragon reports the successful completion of the workover of well LAM63/55 in the Cheleken Contract Area, offshore Turkmenistan. Following perforation of four intervals in reservoir Zone 4 the well tested at a rate of 1,636 barrels of oil per day ('bopd'). Prior to the workover the well was flowing at 338 bopd. The workover of well LAM63/55 was carried out on schedule.

The workover program will continue on LAM75 platform and LAM21 using the hydraulic workover unit and wireline unit respectively. A second hydraulic workover unit is currently being mobilised to the Cheleken Contract Area and is expected to commence work on Zhdanov Field in September 2005.

Hussain M. Sultan, Chairman of Dragon commented:

'This is an encouraging result from well LAM63/55 which will continue to increase production from the Cheleken Block. The arrival of the second workover unit will increase the momentum of the workover program and we look forward to its continued success.'

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