RNS Number:7323S
Dragon Oil PLC
02 December 2003



                           DRAGON OIL PLC ("Dragon")

                         Funding for Field Development



Dragon announces that it is considering various alternatives with a view to
raising funds for the development of its Cheleken Field. This may include a
private placement of equity of up to 10% of present issued share capital, to
primarily fund the 3D Seismic Survey of the entire block in the Cheleken
Contract Area.





Enquiries:

Citigate Dewe Rogerson (+44 207 638 9571)

Martin Jackson



Davy Corporate Finance (+353 1 679 6363)

Hugh McCutcheon




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