| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
Dragon Oil gains on Lukoil contract |
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Thu 11 May 2006
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LONDON (SHARECAST) - Shares in Dragon Oil were in demand on news it had signed a contract with Lukoil Shelf for provision of the Astra jack-up drilling rig for use in the Cheleken Contract Area offshore Turkmenistan.
The Astra should start drilling operations for Dragon in the Cheleken Contract Area from early September 2006 and the initial contract duration will be six months, Dragon said in today's update.
Engineering works are in progress to support the planned well activities for the additional Astra rig, it added.
Chairman Hussain Sultan said, "We view the signing of the contract for the Astra, albeit for six months, as an important milestone in our continued growth."
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