Dragon Oil PLC Block 9, Iraq: Exploration Well Update (7751A)
December 29 2014 - 1:00AM
UK Regulatory
TIDMDGO
RNS Number : 7751A
Dragon Oil PLC
29 December 2014
29 December 2014
DRAGON OIL PLC
(the "Company" or together with its subsidiaries "Dragon Oil" or
the "Group")
Block 9, Iraq: Exploration Well Update
Dragon Oil plc (Ticker: DGO), an international oil and gas
exploration, development and production company, advises that
Kuwait Energy, Dragon Oil's partner in Block 9, Iraq (Dragon Oil
30% interest), today issued the following update on the exploration
well, Faihaa-1, drilled in the block.
FAIHAA-1 WELL UPDATE
"Kuwait Energy ("the Company") announces that the consortium
comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%)
has made its second oil discovery at 'Block 9', Iraq.
The successful discovery was at the consortium's second target,
the Yamama formation at 4,000 meters, in its Block 9 exploration
well, 'Faihaa-1', located in Northern Basra, Iraq.
Preliminary tests of the Faihaa-1 Yamama formation resulted in
oil flow rates of circa 5,000 and 8,000 BOPD of 35 API crude on
32"/64" and 64"/64" chokes respectively.
The consortium will conduct more detailed testing on Yamama
towards the end of the year."
- end -
For further information please contact:
Investor and analyst enquiries
Dragon Oil plc (+44 (0)20 7647 7800)
Anna Gavrilova
Media enquiries
Citigate Dewe Rogerson (+44 (0)20 7638 9571)
Martin Jackson
About Dragon Oil
Dragon Oil plc is an international oil and gas exploration,
development and production company, quoted on the London and Irish
Stock exchanges (Ticker symbol: DGO). Its principal producing asset
is in the Cheleken Contract Area, in the eastern section of the
Caspian Sea, offshore Turkmenistan.
Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of
Dragon Oil plc, holds 100% interest in, and is the operator of, the
Production Sharing Agreement for the Cheleken Contract Area. The
operational focus is on the re-development of two oil and gas
producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
The Group has exploration blocks in Tunisia, Iraq, Afghanistan,
Egypt, the Philippines and Algeria. Dragon Oil's diversification
strategy is to add exploration and production assets within Africa,
parts of Asia and the Middle East in order to create a diversified
and balanced portfolio of assets for the Group.
www.dragonoil.com
Disclaimer
This news release may contain forward-looking statements
concerning the financial condition and results of operations of
Dragon Oil. Forward-looking statements are statements of future
expectations that are based on management's current expectations
and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. No assurances can be given as to future results,
levels of activity and achievements and actual results, levels of
activity and achievements may differ materially from those
expressed or implied by any forward-looking statements contained in
this report. Dragon Oil does not undertake any obligation to update
publicly or revise any forward-looking statement as a result of new
information, future events or other information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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