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24.12.03á07:25
DRAGON OIL PLACED NEW SHARES
PROCEEDS TO BE INVESTED IN EXPLORATION OF CASPIAN TURKMEN SHELF

Aton Capital Group LLC said Dragon Oil had placed additional ordinary shares. According to Aton's press release received by MFD-InfoCenter, 36.5 million worth of ordinary shares at nominal value of 0,10 euro have been placed at a price of 0.28 euro per share.

Aton Capital Group LLC and broker company Davy Stockbrokes arranged the placement.

Applications will be made to the Irish Stock Exchange and to the London Stock Exchange for the additional ordinary shares to be admitted for trading. Trading in shares is expected to start on January 2.

Dragon Oil also reported the placement of 36.5 million worth of new ordinary shares, representing approximately 10 percent of existing issued share capital. The company's present shareholders and new institutional shareholders supported the placement of shares organized by Aton Capital Group LLC and Davy Stockbrokes.

Proceeds of the placement will primarily fund the three-dimensional (3D) seismic survey of the Cheleken contract area block, offshore Turkmenistan. Dragon Oil also intends to invest all returns on shares and credits in the implementation of a long-term development program, Dragon Oil board chairman and CEO Hussain M. Sultan stated.

Dragon Oil's leading managers and shareholders met with potential investors from the UK, Switzerland, Austria and Scandinavian states during a road show organized by Aton in preparation for the placement of shares.

Dragon Oil PLC is an Ireland-based joint-stock company with limited responsibility. The company is currently developing two oil fields, Banka Lam and Banka Zdanova offshore Turkmenistan. According to a PSA with the Government of Turkmenistan Dragon Oil owns 147 mln barrels of proven oil reserves (389 mln barrels of proven and probable oil reserves) and, by optimistic forecasts, 27 billion of cub m of gas. Dubai-based stated-owned Emirates National Oil Co owns 67% of Dragon Oil.

As of 01.01.2003 the annual capital turnover of Aton has totaled $11,4 bln, with its own capital amounting to $120 mln and its assets totaling $230 mln. Aton was founded in 1991.

MFD-InfoCenter, 23.12.03

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