Continental Industrial Supply Limited (’CIS’) has signed contract with Dragon Oil Plc. two-year for the refurbishment and operation of Dragon Oil’s platform-based drilling rig (’Rig 40′). Rig 40 is expected to be deployed in the fourth quarter of 2007 to commence drilling of a development well from the LAM 13 platform.

Chairman and CEO of Dragon Oil commented :

“I am pleased that we have concluded this agreement to refurbish and deploy our own Rig 40. This will give us the required rig security and enhances our ability to meet our field development aspirations. With the signing of this agreement, CIS, which has significant experience in rig operations in Turkmenistan, will manage both of the platform-based rigs deployed in the Cheleken Contract Area.”

Engineering and construction works has been underway for some time on the LAM 13 platform, to make it ready for the planned mobilization of Rig 40. These works include an upgrade to the LAM 13 platform and the installation of additional drilling slots.

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