Interim results from Dragon Oil show the company sold 2.7 million barrels, or 40 per cent, less crude oil in the third quarter compared to the same period last year, which it has attributed to sales of accumulated inventory last year.

The Turkmenistan-focused oil company realised a crude oil price of $103 a barrel during the period, up 51 per cent on last year. With five new wells in production since July, Q3 capital expenditure on infrastructure and drilling was $99 million.

Dragon, which is quoted in Dublin and London, signed a farm- in agreement earlier this month for a 55 per cent interest in an exploration permit offshore in Tunisia.