RNS No 4029h
DRAGON OIL PLC
16th July 1998


                  DRAGON OIL PLC ("Dragon" or "the Company")                  
              Notification of Interest in Ordinary Share Capital              


Dragon has been notified by Belle Corporation ("Belle") that pursuant to a
stock lending arrangement entered into between Belle, Nomura International
(Hong Kong) Limited ("Nomura") and Sumitomo Finance International plc
("Sumitomo") on 15 July, 1998, Nomura and Sumitomo hold a notifiable interest
of 54,660,912 Dragon Ordinary Shares, being 15.7% of the issued ordinary share
capital.

Belle has informed the Company that under the terms of the stock lending
arrangement that it must repurchase these shares from Nomura and Sumitomo by
30 November, 1998.

Belle and Roberto Ongpin, non-executive joint deputy Chairman of Dragon and
Chairman of Belle, continue to be interested in 65,298,432 million shares in
the Company, being 18.76% of its issued ordinary share capital.

Further enquiries:

Dr O Waldron, CEO                               353 1 679 6693
G Thomson, Financial Director

Eamon Brabazon                                 353 1 679 6363
Davy Corporate Finance Limited


END


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