Dragon Oil Plc Appoints new Independent Non-executive Director

February 20, 2012
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, has appointed Mr Thor Haugnaess as an additional Independent Non-executive Director to the Board of the company, Dragon Oil reported in a news release.

To facilitate his election under the company's Articles of Association, it is planned to co-opt Mr Haugnaess to the Boardwith immediate effect. Mr Haugnaess will then be proposed for election at the Annual General Meeting on 18 April 2012 as an Independent Non-executive Director.

Details of changes in Dragon Oil's various committees, as well as Mr Haugnaess' participation in the same, will be determined and implemented shortly.

Chairman Mohammed Al Ghurair, commented, "I am delighted that Mr Haugnaess has joined Dragon Oil's Board in the role of a Non-executive Director.  We have been looking at expanding the Board for some time and Mr Haugnaess brings significant business and industry experience to the Company. I have no doubt that we will be able to draw on his many years of working within oil and gas industry in leading roles to realise our goals and I look forward to working with him in continuing the growth of Dragon Oil."

Further information on the new Director

Mr Haugnaess has been working in the upstream oil and gas industry for over 25 years, predominantly within the oilfield services with the Schlumberger group of companies in a variety of management roles.  Between 2003 and 2006, Mr Haugnaess was the President for the Norwegian drilling contractor, Ocean Rig ASA, which was listed on the Oslo Stock Exchange.

Mr Haugnaess has a Master's degree in petroleum engineering from the University of Trondheim (NTNU) in Norway. The Board anticipates that both his academic background and industry experience will contribute to Dragon Oil's success in the future.

Dragon Oil plc is an international oil and gas exploration, development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan.

Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in and is the operator of the Production Sharing Agreement for the Cheleken Contract Area. The operational focus is on the re-development of two oil-producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).

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