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Oil discovery for Dragon in Iraq

A SECOND successful oil discovery has been made at an Iraqi land block 30pc owned by Dublin-listed oil and gas explorer Dragon Oil.

Dragon's partner in the venture, Kuwait Energy, announced the find and said it would shortly conduct more detailed testing on the well.

The company was recently called a "safe haven" for investors by Davy analysts.

"Dragon's superior balance sheet warrants a premium rating. Dragon has consistently generated strong free cash flow since 2005, even during the last oil price slump in 2008 and 2009, and on our projections will continue to do so over the next few years," the analysts said.