Dragon eyes cash splash

Burning a hole: Dragon looking to spend some of its $1.5 billion cash pile

Turkmenistan-focused firm Dragon Oil, currently mulling an approach for British firm Bowleven, is continuing to scour the market for new opportunities as it looks to spend some of its $1.5 billion cash pile, its chief executive said.



Chief executive Jaleel Al-Khalifa wants to transform Dragon Oil, which has made its name developing an oil field in the Caspian Sea, into a company which is also known for exploration with producing assets across different parts of the world, Reuters reported.

"We're trying to send a message to the market, that as well as we've done in development, we can do in exploration," Khalifa said in an interview with the news agency on Tuesday.

The company said last year it intended to expand its reach beyond its Turkmenistan base, and…

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