Dragon Oil suffering in the sand
Dragon Oil, the Turkmenistan focused oil company, has struggled with sand production at its wells in the second quarter, causing a drop in production.
Dragon Oil, the Turkmenistan focused oil company, has struggled with sand production at its wells in the second quarter, causing a drop in production.
In the firm's trading update the Chief Executive, Dr Abdul Jaleel Al Khalifa, admits the firm had to "choke" some wells to stop too much sand getting into the oil but says the problem has now been sorted.
He added that daily production was now nearing 70,000 barrels of oil per day.
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The update also includes a forecast for 10-15% production growth through 2012.
Dragon shares were down 3.3% on the news.
BS
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