Dragon Oil unveils increase in output

Dragon Oil on Tuesday announced an increase in production in the first quarter as it completed wells at the Dzheitune (Lam) prospect, offshore Turkmenistan.

Production for three months to March 31st 2013, averaged 71,800 barrels of oil per day (bopd), up from 70,600 for the same period a year earlier.

Average production for March was 74,000 bopd compared to 72,000 bopd the previous year.

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During the period, the company completed the Dzheitune (Lam) 28/178 and 28/179 wells which tested for initial production rates of 1,653 bopd and 1,975 bopd respectively.

The first well is currently stabilised and producing at a rate of 2,065 bopd while the latter is producing at a rate of 2,218 bopd.

Shares rose 1.54% to 660p at 12:00 Tuesday.

RD