Dragon spreads production wings
UK-listed Dragon Oil said production from its assets rose to an average 37,193
barrels of oil per day in the first quarter of 2008, up from 26,945 bpd in
the same period in 2007.
The company said in an interim management statement that its capital
expenditure in the period was $61 million, of which $22 million was spent on
infrastructure development.
Cash on hand at the end of the first quarter was $548 million, with no debt,
it said.
The company said operations in the Caspian Sea had been hit by poor winter
weather, which had slowed production at its Dzheitune (Lam)-28/120 well off
Turkmenistan. The company said it had decided to use the slowdown to shut in
the well to install flexible casing. The well is expected back in production
next month.
Dragon said two further development wells had been completed on Dzeitune (Lam)
field in the same period.
Dragon operates the Cheleken Production Sharing Contract in the Caspian Sea
off Turkmenistan, which includes the Dzheitune (Lam) and Dzhygalybeg
(Zhdanov) fields. It also owns interests in Yemen.
23 April 2008 06:55 GMT
| last updated:
23 April 2008 07:11 GMT
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