Dragon Oil Pleased with Workover Program on Zhdanov Field

Dragon has successfully completed workovers on two wells on the Zhdanov Field, in the Cheleken Contract Area, offshore Turkmenistan.

Well Z60/68, on the Zhdanov 60 platform, was completed in Zones 9 and 11 with seven intervals perforated. The well tested at an initial rate of 515 barrels of oil per day ('bopd'). Well Z21/53, on the Zhdanov 21 platform, was also completed in Zones 9 and 11 with six intervals perforated. The well tested at an initial rate of 214 bopd. Both wells were shut-in prior to workover operations and are now on production.

These workovers follow the successful 2004-2005 campaign on the LAM field, and are the first activities to be conducted on the Zhdanov field since the start of the Production Sharing Agreement in 2000. Dragon is utilizing two hydraulic snubbing units as part of a continuous program. Workover operations have already commenced on the next wells in the program.

Hussain M. Sultan, Chairman of Dragon commented:

'The results of the well workovers on the Zhdanov Field are very encouraging. The workover program, which was successful on the LAM Field, is now being used to develop the Zhdanov Field reserves, and provide additional production.'

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