Dragon Oil Contracts Platform-Based Rig for Cheleken Area

Dragon Oil has awarded a two-year contract to Naftna Industrija Srbije (NIS) Naftagas for the lease and management of a land rig ( the "NIS Rig" and formerly known as "CIS Rig 1" ) in the Cheleken Contract Area.

The Group previously employed the rig (CIS Rig 1) under a different contractor to drill from the Dzheitune (Lam) 22 platform. Dragon Oil released the CIS Rig 1 with the intention to secure a platform-based rig with higher specifications. However, during the tendering processes, Dragon Oil recognized the challenges of sourcing such a rig taking into account mobilization time, contract terms and the Group's standard requirements. It was, therefore, considered in the Group's best operational interests to proceed with the same rig but at more favorable contract terms and conditions.

The Group plans to drill seven wells using the NIS Rig during its contract term. The rig is to be mobilized to the Dzheitune (Lam) 28 platform shortly.

Dr. Abdul Jaleel Al Khalifa, Chief Executive Officer, commented, "I am pleased to announce that Dragon Oil has awarded the contract for the lease and management of the NIS platform-based rig for a period of two years. We have now secured three full-time rigs alongside the Astra jackup rig, which is contracted on a short-term basis to support our drilling program in the Cheleken Contract Area. "

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