Dragon Oil announces board restructuring

Sultan will continue on in an advisory role having tendered his resignation as a director with effect from 31 December 2008.

Sultan has been instrumental in the development of Dragon Oil since Emirates National Oil Company (ENOC) took a majority share in the Group in 1998. During his tenure with the Group he has served as the Executive Chairman and, at times, as the CEO. Sultan has decided to leave at this time to focus on other business interests.

In light of Sultan's resignation, Dragon Oil also announced the appointment of Mohamed Al Ghurair as Non-Executive Chairman with effect from today's date. Al Ghurair was appointed to the Board of Dragon Oil as a Non-Executive Director in April 2007 and is a prominent Executive Director in a number of leading companies in the Middle East, including ENOC and the Saudi International Petrochemical Company.

Dragon Oil also revealed that existing Chief Executive Officer, Abdul-Jaleel Al-Khalifa, has now been appointed as an Executive Director on the Board with effect from today's date.

Hussain M. Sultan commented:

"It is with regret that I have decided to leave Dragon Oil at this time and I will miss working with the talented and strong management team that I have helped build over the last few years. The outlook for the Group is very positive and I am confident that the new team can take Dragon Oil to the next level of growth."

Mohamed Al Ghurair comented: "I would like to express my thanks to Mr. Sultan for the valuable services he has provided to Dragon Oil over the years. He has left a great legacy, and we will all miss him greatly and wish him well for the future.

I am proud to take over the Chairmanship at such a promising time and it is to Mr. Sultan's credit that Dragon Oil is in such a strong financial and operational position. We are entering a new chapter in the Dragon Oil story and we will aim to build on the successes achieved by Mr. Sultan over the last decade," Al Gurair added.