Company Information for Dragon Oil Plc

LSE-DGO

www.dragonoil.com

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Company Statement

Dragon Oil plc is an independent oil development and production company, registered in Ireland and listed under a dual primary listing on the London and Irish Stock Exchanges. 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 is headquartered in Dubai and its principal development and production activity is the development of its asset in the Cheleken Contract Area, offshore Turkmenistan by a Group subsidiary, Dragon Oil (Turkmenistan) Limited. A production sharing agreement was signed with a state agency of the Government of Turkmenistan in May 2000 (the “PSA”). The PSA has a 25-year term which expires in May 2025 with an exclusive right on the part of Dragon Oil (Turkmenistan) Limited to negotiate an extension for a further period of not less than 10 years.

Dragon Oil had proved and probable oil reserves at 30 June 2008 of 644 million barrels (of which Dragon Oil's share was 283 million barrels) and 3.4 trillion cubic feet of gas resources.

At the 2008 year end, Dragon held cash and cash equivalents, together with term deposits, of US$867 million.

Operations and Technology

Dragon Oil plc’s principal development and production interest is located in the Cheleken Contract Area in the Eastern Caspian Sea, offshore Turkmenistan. The Cheleken Contract Area covers approximately 950 square kilometres (235,000 acres) and comprises two offshore oil and gas fields, Dzheitune ("LAM") and Dzhygalybeg ("Zhdanov"), in water depths of between 8 and 42 metres.

The operational focus for the Dragon Oil group is on the re-development of these two producing fields that were discovered during the Soviet era in Turkmenistan. Dragon Oil holds a 100% interest in, and is operator of, the PSA for the Cheleken Contract Area. Development in the Cheleken Contract Area under the PSA commenced in May 2000.

There are currently 49 active wells producing from 11 platforms. Dragon Oil has accelerated its development and exploration programme in this area and is making significant investments in infrastructure development.

The Group achieved a 28% increase in 2008 gross production over 2007, with an average rate of 40,992 barrels of oil per day (“bopd”) compared to 31,997 bopd in 2007.

Dragon Oil's continuous drilling programme is continuing through the use of both jack-up drilling rigs and platform-based drilling rigs. Dragon Oil’s own platform-based Rig 40 spudded its first well on 11 January 2009.

In the Company’s update of 20 January 2009, Dragon highlighted key elements of its Focused Strategy:

Deploy three full time rigs in 2009
Drilling programme expected to spud thirteen wells, ten of which will be completed by year end
Target a 15% increase in the average daily production rate for 2009
Capital expenditure for 2009 estimated at up to US$600 million
Accelerate commercialisation of the gas resources
Take advantage of low asset valuations to diversify the portfolio focusing on quality

In summary, Dragon Oil's key objective is to accelerate development of the field in Turkmenistan and thereby improve production on an ongoing basis.

While Dragon Oil is confident of the long-term potential and value of its existing asset, the plans for the future also include looking at other acreage to expand and diversify Dragon Oil's asset base, whether through acquisitions or bidding for new blocks. In line with this strategy, Dragon Oil purchased minority interests in Blocks 35, 49 and R2 in the Republic of Yemen from Virgin Resources Limited as a first step towards greater asset and geographic diversification. Dragon Oil continues to seek and study new opportunities to increase our production and reserves.

The development and commercialisation of gas resources from the Cheleken Contract Area remains a top priority and discussions with the Turkmenistan government and other international operators concerning a joint gas export scheme continue.

Board of Directors and Key Management

Directors
Mohammed Al Ghurair	Non-Executive Chairman
Dr. Abdul-Jaleel Al-Khalifa	Chief Executive Officer
Nigel McCue	Senior Non-Executive Director
Ahmad Sharaf	Non-Executive Director
Ahmad Al Muhairbi	Non-Executive Director
Saeed Al Mazrooei	Non-Executive Director

Key Managers
Alex Ridout	Legal Council and Company Secretary
Tarun Ohri	Director of Finance
William V. Mandolidis	Integrated Projects and Planning Manager
Jin Chiang	Head of Reservoir Development
Andreas Brandt	Head of New Ventures

Company Address

St. Andrew's Building, 17 Old Park Lane
London, United Kingdom W1K 1QT


Telephone:	+44 20 76477800
Email:	ldenman[at]dragonoil.com
Website:	http://www.dragonoil.com

Additional Address/Key Contact

Ashgabat Office:
Mizan Business Centre,
Berzengi,
Ashgabat,
Turkmenistan.
Tel: +993 12 480633
Fax: +993 12 480632

Ireland Office:
6th Floor, South Bank House,
Barrow Street,
Dublin 4,
Ireland.
Tel: +353 1 614 5247
Fax: +353 1 614 5001

Group Headquarters Dubai Office:
ENOC House II, 3rd Floor Right Wing,
Sheikh Rashid Road
P.O. Box 34666,
Dubai - U.A.E.

Tel: +971 4 3053 600

Investor Relations Enquiries: ldenman@dragonoil.com

Capital

As at 29 June 2009, Dragon OIl plc had 514,989,445 shares outstanding

Annual General Meeting

May, London

Year End

31 December

Nominated Brokers

Davy Corporate Finance Limited
Davy House
49 Dawson Street
Dublin 2
Ireland

Tel: +353 1 679 7788

Broker/Analyst Reports

09/12/08 - NCB
22/10/08 - Merrill Lynch: Company Update
08/10/08 - Davy Research
26/09/08 - KBC Peel Hunt
22/09/08 - Europe, Middle East & Africa: Energy: Oil & Gas
25/08/08 - Dragon Oil

Major Shareholders

Shareholder	No. Ordinary Shares Issues	% of Share Capital
Emirates National Oil Company Limited (ENOC) L.L.C	265,263,515	51.51
Baillie Gifford & Co	20,717,902	4.02
J.P. Morgan Asset Management	15,262,066	2.06

Most Recent Statement

23/02/10 - 2009 Preliminary Results
23/12/09 - Contract for a platform-based rig awarded
15/12/09 - Infrastructure and Drilling Update
11/12/09 - Results of Court Meeting
03/12/09 - Acquisition of the shares in Dragon Oil plc
14/10/09 - Drilling Update

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