Tuesday 25 July 2017

Dragon confident of hitting target

EXPLORATION

Thomas Molloy

Thomas Molloy

DUBLIN-listed explorer Dragon Oil has said it is confident of maintaining its 10pc to 15pc target growth rate to 2015, putting it on track to produce 100,000 barrels of oil per day in four years time.

The Turkmenistan-focused company said yesterday that, following a detailed review of its oil fields, it expected to be able to maintain average production growth of 10 to 15pc to 2015, having previously predicted the same growth rate for the period up until 2013.

"This is a particularly important announcement that points to management's high level of confidence in its ability to develop the two offshore fields in Turkmenistan," said Davy Stockbroker's Job Langbroek.

Shares rose 5.9pc to €6.10 on the Dublin Stock Exchange where Dragon Oil is among the largest companies traded on the ISEQ.

"The plateau production of 100,000 barrels of oil per day is a milestone that we aim to achieve in 2015 and maintain for a minimum period of five years," chief executive Abdul Jaleel Al Khalifa said.

Production is expected to reach 70,000 barrels of oil per day by the end of this year, the company said.

Irish Independent

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