Dragon Oil Increases Production Growth Expectations

Dragon Oil revealed Friday that it has increased its production growth expectations for the year, from 10 to 15 percent.

The company produced above 100,000 barrels of oil per day for the first time on June 9, 2015, hitting a figure of 100,658 bopd. Production has since been at just under 100,000 bopd, which has resulted in the average gross production for June 2015 being 98,890 bopd. The figure for the same period in June last year was 76,100 bopd.

Dragon Oil anticipates that production will, on average, be around the 100,000 bopd level until the end of 2015. The company also expects average daily gross production in 2016 to be around the 100,000 bopd mark and believes it can maintain this rate for a minimum of five years from 2016.

Last month Dragon Oil announced that it had reached an agreement on the terms of a cash offer to sell the company to ENOC, which holds a 54 percent stake in Dragon Oil. The entire share capital of Dragon Oil was priced at $5.7 billion and the shares not already owned by ENOC were valued at $2.6 billion.

Dragon Oil also revealed that it is planning to drill two additional appraisal wells, in Iraq’s Block 9, in the second half of 2015. The company also stated that the Caspian Driller (300’ ILC) is expected to commence operations in Turkmenistan in 3Q 2015.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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