DRAGON Oil's share of oil and gas production is about to increase substantially. Its net attributable production is projected to increase from its current level of around 500 barrels of oil equivalent per day (BOEPD) to over 23,000 BOEPD, within the next five years, according to the group's annual report. This growth will come mainly from its 60 per cent stake in Larmag Energy Assets which was recently acquired.
The group's annual report shows an increase in shareholders' funds from $62.4 million (£39 million) in 1994 to $66.99 million in 1995. However, the balance sheet has since been strengthened by the acquisition and the placing and open offer which raised $75 million.
The initial programme of workovers on the Caspian Block 11 is planned to commence next month. Dragon said it expected the Caspian Sea region to develop once again as one of the world's major oil and gas production centres in the coming decade.
Two wells are planned in the Far East, on the Maniguin discovery onshore Philippines, commencing this month and, on Block B12/32 off Thailand, by the end of the year.
The six executive directors received combined salary and bonus of $848,000 in 1995. Dragon incurred a pre-tax loss of $1.5 million last year compared with a profit of $1.2 million in 1994.
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