Dragon Oil Spuds Two Wells at Dzheitune Platform

Dragon Oil has completed its sixth well, year to date, on Dzheitune (Lam) A/122 platform using the Iran Khazar rig. The well is yielding an initial flow rate of 3,563 bopd from the short and long strings. Testing of the individual short and long strings resulted in initial production rates of 2,153 bopd (on 20/64ths choke) and 1,410 bopd (on 22/64ths chokes) respectively.

The Iran Khazar rig has since skidded to slot 5 on the Dzheitune (Lam) A platform and has spudded a further development well, Dzheitune (Lam) A/123. The new development well has a target depth of 4,100 meters.

The 'CIS-1' rig has been mobilized fully and has spudded a development well, Dzheitune (Lam) 22/124, on the Dzheitune (Lam) 22 platform. The 'CIS-1' rig is planned to drill a series of development wells from this platform and this new well is the first in that series. The well has a target depth of 3,800 meters.

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

'I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) A/122 development well drilled from the Company's Dzheitune (Lam) A production platform. The flow rate from this well is very promising and continues to reflect the improved results that we have seen in other recent wells from this area of the field. I am also pleased to report a new peak production just short of the 40,000 bopd which we had targeted to reach by 2008.

'The CIS-1 rig has spudded its first well for the Company from the Dzheitune (Lam) 22 production platform. This is an historic step for the Company as it will now have at least two rigs drilling at the same time for the foreseeable future. Our focus will now be on mobilizing the Company's own Rig 40 as soon as possible.'

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