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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
CrowdStrike IT outage: a global meltdown
Millions were affected by the CrowdStrike IT outage recently, which grounded flights and took the news off the air. Was this just a hiccup or a warning of much worse to come?
By Simon Wilson Published
-
Revolut finally bags a UK banking licence – what's next for the fintech?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published