Advertisement

Dragon Oil signs contract in Iraq

International oil and gas exploration, development and production company Dragon Oil announced Monday that the Iraqi Ministry of Oil and the Tender Committee has signed the final service contract with a consortium of companies, including Dragon Oil, for the exploration, development and production for Block 9 in Iraq.

International oil and gas exploration, development and production company Dragon Oil announced Monday that the Iraqi Ministry of Oil and the Tender Committee has signed the final service contract with a consortium of companies, including Dragon Oil, for the exploration, development and production for Block 9 in Iraq.

Following a joint bid with Kuwait Energy, the two firms will split the block (Dragon 30%) between then, with Kuwait as the operator over a five year period. If in this time frame the block is found to be commercial, the consortium will automatically become eligible for 20-year development and production phases, extendible by a further five years.

Advertisement - Article continues below

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said: "I am pleased to announce the formal signing of the service contract for Block 9, which had previously been initialled on July 16th 2012.

"This step concludes the formal process following which the consortium now has the right and obligation to commence the exploration activities in the Block. We look forward to working with our partners in Iraq."

The share price fell 1.22% to 564.50p by 14:40.

NR

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/gold/601444/these-seven-charts-show-exactly-why-you-must-own-gold-today
Gold

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020
Visit/investments/stockmarkets/601460/disease-rioting-and-mass-unemployment-so-why-are-markets-soaring
Stockmarkets

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020