Dragon Oil Provides Cheleken Drilling Update

Dragon announces that the Lam 22-102 well on the Cheleken Contract Area in Turkmenistan has reached a total depth of 4152 meters in the Lower Red Series reservoir section. The well was originally planned to drill to 4050 meters but was drilled deeper to secure as much data as possible on the reservoir.

Similar to Lam 22-101, the well had hydrocarbon indications during drilling over the interval from approximately 2200 meters to the total depth of the well. Intermediate logs over the shallower reservoir section also indicate the presence of hydrocarbons. The well is currently being logged, then reservoir samples will be taken before casing is run and the well is completed for production.