Dragon Oil Pleased with LAM Appraisal Well Results
Following the recent announcement that drilling of the Company's first appraisal well 28/120 had been completed on the Djeitun (LAM) West structure, Dragon Oil announces the results of initial testing of the well. The first phase of testing of reservoir zones 4, 6 and 8 has yielded an initial flow rate of 3,014 bopd.
Interpretations of reservoir zones 2 and 3 have suggested that there are significant, additional hydrocarbon-bearing zones in the well; however, perforation and testing of these zones has not yet commenced. Additional test results will be announced in due course but the results confirm the earlier interpretation of the Djeitun (LAM) West structure and the potential for future drilling.
Hussain M. Sultan, Chairman and CEO of Dragon Oil, commented:
"I am pleased to announce the successful completion and testing of the Djeitun (LAM) 28/120 appraisal well. This well was drilled from the Djeitun (LAM) 28 platform in order to appraise the potential for commercial hydrocarbons in the Djeitun (LAM) West part of the Cheleken Contract Area. The results from this well are particularly encouraging because this is the first time that this structure has tested significant oil. The well also confirms significant oil potential in other reservoir zones, which will be perforated at a later date. This success gives me confidence that the Djeitun (LAM) West structure is promising and that there is sufficient data for further development in this area.
I am also very pleased that we have reached a new gross peak production well in excess of 33,000 bopd. This rewards the great efforts being put in by the Company personnel to improve production from its asset and reflects very positively on the Company's ability to meet its stated goals."
Dragon Oil plc is an independent oil and gas exploration and production company with interest in the Caspian Sea, Turkmenistan. Dragon is listed on the London Stock Exchange and the Irish Stock Exchange ('DGO.')
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