Dragon re-hires NIS Rig for platform drilling

Dragon Oil has contracted Naftna Industrija Srbije (NIS) Naftagas for lease and management of a land rig for its operations in the Cheleken Contract Area offshore Turkmenistan.

Offshore staff

ASHKABAD, Turkmenistan -- Dragon Oil has contracted Naftna Industrija Srbije (NIS) Naftagas for lease and management of a land rig for its operations in the Cheleken Contract Area offshore Turkmenistan.

Dragon previously hired the rig – formerly CIS Rig 1, since re-named NIS Rig - under a different contractor to drill wells from its Dzheitune (Lam) 22 platform. It then intended to switch to a higher-spec platform-based rig; however, contractual and logistical concerns arose during the tender process, including the mobilization time for a new rig.

The company therefore opted to stick with the same land rig, but at more favorable contract terms and conditions. Under the new, two-year contract, the NIS Rig will drill seven wells for Dragon, and should mobilize shortly to the Dzheitune (Lam) 28 platform.

Dragon has now secured three full-time rigs for development drilling in the Cheleken Contract Area, and theAstra jackup, which is contracted on a short-term basis.

12/23/2009

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