Dragon Oil plc is an independent oil development and production company, registered in Ireland and listed under a dual primary listing on the London and Irish Stock Exchanges. Approximately 52% of the Company\'s equity is held by the Emirates National Oil Company (ENOC) L.L.C. (\'ENOC\'), a company owned by the Government of Dubai.

Dragon Oil is headquartered in Dubai and its principal development and production activity is the development of its asset in the Cheleken Contract Area, offshore Turkmenistan by a Group subsidiary, Dragon Oil (Turkmenistan) Limited. A production sharing agreement was signed with a state agency of the Government of Turkmenistan in May 2000 (the \'PSA\'). The PSA has a 25-year term which expires in May 2025 with an exclusive right on the part of Dragon Oil (Turkmenistan) Limited to negotiate an extension for a further period of not less than 10 years.

Dragon Oil had proved and probable oil reserves at 31 December 2006 of 643 million barrels (of which Dragon Oil\'s share was 301 million barrels) and 3.5 trillion cuft of gas resources. Forecast production levels are expected to increase substantially under the re-development plan resulting in an enhanced economic value for Dragon Oil.