05/03/2008
Turkmenistan-focused Dragon Oil is pursuing new prospects after lifting annual profits 65 per cent to £192 million pre-tax.
The fully listed company increased attributable production 47 per cent to an average 21,739 barrels a day from the Cheleken Contract Area in the eastern Caspian Sea, offshore Turkmenistan. Strong fuel prices helped boost turnover 84 per cent to almost £300 million last year, which Dragon ended with an entitlement of 324 million barrels of proven and probable oil reserves and estimated contingent gross gas resources of some 3.4 trillion cubic feet.
Steered by chief executive Hussain Sultan, Dragon drilled six development wells and one appraisal well and bought ten per cent stakes in three blocks in the Yemen. The company, with £274 million cash and no debt at the end of the year, says it plans to diversify its asset portfolio further, spend £320 million on infrastructure renewal over two years, commercialise the Cheleken gas resources and grow average production 25 per cent by the end of 2009.
Highlighted by Growth Company Investor at 100p in 2005 and again at 392p two months ago, Dragon shares are now 468.5p, up 8p this morning, valuing the company at £2.3 billion. Hold on.
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