29th Oct 2013 11:10
LONDON (Alliance News) - Dragon Oil PLC Tuesday said its gross production increased 7% in its third quarter compared to the previous year on better drilling technology.
The gas and oil exploration, development and production company with operations in Turkmenistan said its gross production rate averaged 74,300 barrels of oil per day during the three months ended September 30 as a result of a new water injection programme and artificial lift technology in the Dzheitune 75 area in Turkmenistan.
The company also said that after receiving new rigs later this year and in 2014, it is positive that it will be running five drilling rigs for most of 2014 and 2015, while the company still expects to achieve its targets of reaching 100,000 barrels of oil per day in 2015.
Dragon Oil said the average realised crude oil price during it achieved in the third quarter was approximately USD94 per barrel which was 4% lower compared to the corresponding period last year.
Dragon Oil shares were up 1.4% to 600.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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