Dragon Oil, Enel secure exploration blocks in Algeria

Dragon Oil plc

Dragon Oil plc, in partnership with Enel Trade SpA, has been awarded two exploration blocks (perimeters) in Algeria – the Tinrhert Nord Perimeter and the Msari Akabli 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 1,122 square miles (2,907 square kilometers). 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.

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 3,125 square miles (8,096 square kilometers). 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.

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