Dublin-based exploration group Dragon Oil posted significantly higher full-year profits this morning as a result of higher crude oil prices and increased production over the previous year.
For the year to December 31st, 2005, the independent oil and gas company said pre-tax profits came in at $159.3 million compared to $49.7 million a year earlier. Sales were $248.8 million, up 156.3 per cent.
Dragon said total field production for 2005 was 7.1 million barrels of oil and that the average gross production for the year was 19,426 barrels of oil per day (bopd) with 14,008 bopd attributable to Dragon.
This compares to 4.9 million barrels of oil produced in 2004 with a total gross production of 13,264 bopd, of which 8,630 bopd was attributable to Dragon.