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  • DRAGON OIL PLC: Award of Exploration Blocks in Algeria
    édité le 01/10/2014 - Plus de news de "Dragon Oil" - Voir la fiche entreprise de "Dragon Oil"


DRAGON OIL PLC: Award of Exploration Blocks in Algeria
Dragon Oil plc, an international oil and gas exploration, development and production company, is pleased to announce that Dragon Oil in partnership with ENEL Trade S.p.A. ("Enel") has been awarded two exploration blocks ("perimeters") in Algeria, Tinrhert Nord Perimeter and Msari Akabli Perimeter.

Tinrhert Nord Perimeter

The Tinrhert Nord Perimeter in which Dragon Oil will hold a 70% participating interest and be the operator with Enel holding the remaining 30% is in the Illizi Basin in Eastern Algeria and near a number of producing oil and gas fields. The total area of the perimeter is 2,907 km2. A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 2D seismic data and drilling four wells.

Msari Akabli Perimeter

The Msari Akabli Perimeter in which Dragon Oil will hold a 30% participating interest with Enel holding the remaining 70% and serving as the operator is in the Ahnet Basin in South-western Algeria. The total area of the perimeter is 8,096 km2. A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 3D seismic data and drilling three wells.

Dragon Oil and Enel jointly participated in the 4th Bid Round to Award Hydrocarbons Exploration and Exploitation Contracts conducted by l'Agence Nationale pour la Valorisation des Ressources en Hydrocarbures of Algeria and bid on the scope and value of the work programme. The contract for the exploration and exploitation of hydrocarbons is expected to be signed in approximately one month.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said:

"I am pleased to report that Dragon Oil in partnership with Enel, a major European company, has been successful in bidding for two exploration blocks in the 4th bid round in Algeria. This achievement represents a strategic move for Dragon Oil to establish a footprint in another North African country known to be rich in hydrocarbon resources and opportunities. We look forward to working closely with the host government and our partner Enel in Algeria."

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 and the Philippines. 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.

About Enel

Enel is Italy's largest power company and Europe's second listed utility by installed capacity. It is a leading integrated player in the power and gas markets of Europe and Latin America, operating in 32 countries across 4 continents overseeing power generation from over 95 GW of net installed capacity and distributing electricity and gas through a network spanning around 1.9 million km to serve approximately 61 million customers.

In Algeria Enel is also developing, with an 18.375% stake, the Isarene permit (a joint project with Petroceltic and Sonatrach), holding over 500 million of BOE of 2P (proven plus probable) reserves, with production start-up scheduled for late 2017 to early 2018 and a plateau of over 3 billion cubic metres a year (100% of the project), to coincide with the expiration dates of Enel's first long-term contracts. This investment means that Enel, which is already Algeria's third largest customer, taking around 15% of the county's gas exports, will contribute to directly promoting the development of Algeria's considerable resources and maintaining stable its export capacity. In Algeria Enel has also a 13.475% stake in the South East Illizi permit (operator Repsol), where two discoveries were made in 2013 and further exploration and appraisal activities are being performed.


Origine : Communiqué Dragon Oil

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