Dragon Oil reports production increase in first half statement

Dragon Oil increased its production output in the first half of 2015 to 92,060 barrels (bopd) from 73,440 for the corresponding period last year, the company has said in a statement on Tuesday.

Average gross production for June 2015 was 98,890 bopd with a gross production rate of 100,658 achieved on June 9th.

Capital expenditure on infrastructure, drilling and exploration assets amounted to $313 million for the first half of 2015, in line with the same period last year.

The group’s cash balance (net of abandonment and decommissioning funds) as of June 30th, 2015 was $1.856 million.

Chief executive Dr Abdul Jaleel Al Khalifa said: "At the beginning of June 2015 we achieved a production level of 100,658 bopd. It is a milestone for Dragon Oil and a testament to the hard work and dedication of our talented people.

“We are aiming to maintain the average daily gross production at around 100,000 bopd for the remainder of the year and sustaining this plateau thereafter for a minimum of five years.”