Dragon Oil boosts production by 36%


Dublin-listed Dragon Oil said this morning oil production in the first half increased 36 per cent.

The Dubai-based explorer operating in Turkmenistan said average production rose to 38,482 barrels a day from 28,321 barrels in the year-earlier period, Dragon said today in a statement.

Peak production of 43,227 barrels a day was achieved on June 1st.

The company sold 3.5 million barrels in the first half at an average price of $108 a barrel, compared with $61 a year earlier. It completed four development wells in the first six months, Dragon said.

At 8.45am Dragon shares were trading up 0.5 per cent at €3.71, giving the company a market cap of €1.9 billion.