Dragon Oil PLC (LSE: DGO) said it has reached an agreement to extend the contract for the Iran Khazar jack-up rig for a further two years commencing May 2009. The Iran Khazar rig is currently drilling the first of four wells to be completed by the year-end.
Chief executive Abdul Jaleel Al Khalifa commented: “Despite a limited availability of rigs in the Caspian Sea, we managed to secure the rig we have been using for a number of years and will continue to use for another two years to ensure that our drilling programme remains on track."