News

August 06, 2009

Dragon Oil’s Latest Well In Turkmenistan Comes In Slightly Below Expectations But it should Not Affect The Overall 2009 Production Target

There is always a slight frisson and a sense of relief when Dragon Oil announces a positive well result, which it now seems to do quite frequently. It is not that the London and Dublin listed company does not have a good track record or has let anyone down, but it operates in difficult territory so there is always room for nasty surprises.

Dragon Oil is focused largely on the little known Central Asian country, Turkmenistan, where it has successfully been redeveloping substantial reserves in the Cheleken Contract Area in the eastern section of the Caspian Sea.
This project, which started when sparsely populated Turkmenistan was under the sway of the Soviet Union, covers 950 sq km and lies in shallow waters, no more than 50 metres deeps. There is great potential here with proved and probable reserves of 645 million barrels of...