Dragon Oil profits double

Profits at Dragon Oil more than doubled in the first half of the year on the back of increased production and high prices.

Oil and gas producer and developer Dragon said yesterday that revenues rose 91 per cent in the first six months of the year at $527.4 million, from $276.3 million during the same period in 2010.

Profit for the period increased by 125 per cent to $309.4 million from $137.6 million. Earnings per share increased at a similar rate during the six-month period to 59.98 cents from 26.71 cents at the end of last year’s first half.

Dragon is listed on the Dublin and London stock exchanges.

It produces oil from a licence area in the eastern Caspian Sea, off the coast of Turkmenistan.