04/01/2008
Turkmenistan-focused Dragon Oil has broken through its 40,000-barrel daily production target and is maintaining expansion.
The fully listed company, whose chief producing asset is in the Caspian Sea offshore Turkmenistan, says it achieved a new gross production record of 40.038 barrels a day on 31 December. That compares with an average 28,322 barrels a day produced in the first half of last year, when the company made a $144 million (£72 million) interim pre-tax profit.
Chairman and chief executive officer Hussain Sultan says this success has been helped by a contribution from Dragon's Dzheitune well, which is yielding an initial 3,284 barrels a day. He says a Boxing Day meeting with the President of Turkmenistan confirmed government support for increased oil production and exploitation of 'considerable gas' resources in the same area by the company, which also recently acquired stakes in three blocks in the Republic of Yemen.
Shares in Dragon, first highlighted by Growth Company Investor in April 2005 when they hovered around 100p, have now hit 392p, up 26p this morning, valuing the company at £2 billion.
Hold on.
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