Updates

Dragon Oil - Cash pile climbs to US$1.67bn despite buybacks

September 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Dragon Oil's H1 to end June confirms that after the sand filters were installed overall production offshore Turkmenistan has gone back over 70,000 bopd, up from an average of 64,200 bopd in H1. Future production uplifts should come from 12 development wells completed in the period, which are now in production. Dragon's updated target is to put a further 4 wells into production by the year-end and ensuring a gross production growth rate for the full year of 10%-15%. During H1 the average realised crude oil price was US$102 per barrel, a modest 2% increase on the prior year, and a discount of approximately 10% to Brent. So it was clearly the higher volume of crude oil sold which drove performance. Sales emerged at US$588 ...

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Dragon Oil - Partner in consortium to develop Iraq (August 2012)

Dragon Oil - Cash pile goes over £2 a share (June 2012)

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