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Additional Information
Market: LSE / ISE
Sector: Oil & Gas Exploration & Production
Epic: DGO
News: Latest news
Web Site: Dragon Oil
Other Articles: 09-08-201022-07-201020-07-2010

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Thursday September 09, 12:27ZOO Digital’s new iTunes toolset adopted by major Hollywood studio

The new iTunes toolkit automates the production of menus and bonus features, allowing studios to produce enhanced download content at significantly lower costs. The toolkit is expected to open-up 'a large potential market' and add new revenue streams.

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Wednesday September 08, 10:42African Energy Resources encouraged by coal results at Sese, seeks cornerstone partner

With the coal quality, thickness and shallow depth, it augurs well for potential commercial coal production for African Energy at Sese in Botswana.

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Tuesday September 07, 08:12MetroCoal re-affirms Columboola coal Resource yet to be completed

Emerging coal-focused energy company MetroCoal (ASX: MTE) has clarified that it has not completed any resource estimate or report on its Columboola Project area in Queensland's Surat Basin.

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Dragon Oil

Dragon Oil

Dragon Oil plc is an independent oil development and production company listed under a dual primary listing on the London and Irish Stock Exchanges. It's principal development and production activity is the development of its asset in the Cheleken Contract Area, offshore Turkmenistan. Approximately 52% of the Company’s equity is held by the Emirates National Oil Company (ENOC) L.L.C. (“ENOC”), a company owned by the Government of Dubai. Dragon Oil had proved and probable oil reserves at 30 June 2008 of 645 million barrels and 3.2 trillion cuft of gas resources.

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Friday, March 12, 2010

Dragon Oil completes initial testing of Dzheitune development wells

Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively.

"I am pleased to report the successful completion and initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells, marking our first two successfully-completed development wells this year”, Dragon Oil chief executive Dr Abdul Jaleel Al Khalifa commented. “Our field production is subject to normal decline and adding wells will ensure that we meet our 2010 committed production growth target".

Dzheitune (Lam) is one of Dragon Oil’s two oilfields in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan.

The Dzheitune A/142 well was drilled by the Iran Khazar rig, to a depth of 3,961m. The well tested at a combined rate of 2,103bopd with the short string contributing 1,180bopd and the long string contributing 923bopd. Rig 40 drilled the Dzheitune (Lam) 13/143 well to a depth of 3,450m. The well tested at a combined rate of 2,168bopd with the short string and the long string contributing 1,144 bopd and 1,024bopd respectively. Dragon Oil said that further testing and optimisation of both wells are scheduled to take place over the coming weeks.

The Iran Khazar rig has repositioned to work-over a well on the same platform in order to enhance its production, while Rig 40 will shortly commence drilling the Dzheitune (Lam) 13/144 well, from slot 1 on the  Dzheitune (Lam) 13 platform.

The initial testing of these two development wells, the first of 2010, adds to the company’s progress in offshore Turkmenistan. In February’s results for the full-year ended 31 December 2009, Dragon oil reported an average daily production rate increase of 9% in 2009 and landmark production of 50,000 bopd (barrels of oil per day) achieved at the turn of 2009/2010. Dragon Oil also offered a bullish outlook for the next three years amid a recovery in commodity prices and with a cash balance of more than US$1.1 billion.

In February’s results statement, Dragon Oil said it plans to complete up to 11 wells in 2010 along with 40 development wells, including five appraisal wells, targeting an annual production growth of 15% in 2010 and 10% to 15% on average in 2010-12.

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