Dragon Oil Completes Testing LAM A/119

Dragon Oil says perforation and flow-testing of the well has confirmed production from well, A/119, with a combined initial production rate of 3,100 barrels of oil per day ('bopd').

Hussain M. Sultan, Chairman and CEO of Dragon commented:

'I am pleased to announce the successful completion and testing of the A/119 development well. This is the first well from the new LAM A Platform and the initial production test results are excellent, exceeding our original expectations for this well. Well A/119 is the first to be drilled into the western end of the LAM structure and the positive test results have raised our expectations for future wells in this part of the Cheleken Contract Area.'

The Iran Khazar has spudded the second development well from the LAM A platform, A/121, on 2 May 2007. Drilling is continuing and the current depth is at approximately 2,000 meters.

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