News

October 15, 2009

Dragon Oil Comes Up With Two Positive Well Results In Its Protracted Drilling Campaign in Turkmenistan

Reading the latest “Drilling Update” from Dragon Oil is a bit like going into a bookshop and getting a two for one deal. The London and Dublin Listed company has come up with the results of two new wells in its protracted campaign with the drill bit in its Central Asian core area and both are positive. It is not that Dragon has with other disappointed wells this year, but this is Turkmenistan where there is a history of difficult drilling conditions. To have two new wells come good amounts to a nice bonus as we approach year-end.

Dragon Oil is focused on the little known Turkmenistan where it has successfully been redeveloping substantial reserves in the Cheleken Contract Area in the eastern section of the Caspian Sea.

The project was started when the sparsely populated Turkmenistan was under the sway of the Soviet Union. It covers 950 sq km and lies in shallow waters, no more than 50 metres deep. There is great potential here with proved and probable reserves of 645 million barrels of oil and condensate...