Dragon Oil advises that Kuwait Energy, Dragon Oil's partner in Block 9, Iraq (Dragon Oil 30% interest), issued the following update on the exploration well, Faihaa-1, drilled in the block.

FAIHAA-1 WELL UPDATE

Kuwait Energy announces that the consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) has made its second oil discovery at 'Block 9', Iraq.

The successful discovery was at the consortium's second target, the Yamama formation at 4,000 meters, in its Block 9 exploration well, 'Faihaa-1', located in Northern Basra, Iraq.

Preliminary tests of the Faihaa-1 Yamama formation resulted in oil flow rates of circa 5,000 and 8,000 BOPD of 35 API crude on 32"/64" and 64"/64" chokes respectively.

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