22/08/2008
Turkmenistan-focused Dragon Oil sees further production gains after increasing interim pre-tax profits 35 per cent to £106.4 million.
The fully-listed company, which is working in the Cheleken area of the eastern Caspian Sea offshore Turkmenistan, grew average daily production 36 per cent to 20,850 attributable barrels a day and increased revenues 63 per cent to £190 million in the six months to June, helped by the strong oil price. With cash of £330 million and no debt, Dragon is on track to ‘deliver significant production growth’ for the full year, says executive chairman Hussain Sultan.
The company is tendering for up to four new rigs and is pursuing ‘value-adding acquisitions’. First highlighted by Growth Company Investor at £1 in 2005, the shares have traded between 568p and 195p over the past 12 months and at 351.75p, up 39.75p this morning, could outperform several sector peers.
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