10th Jul 2015 06:35
LONDON (Alliance News) - Dragon Oil PLC Friday said it is just shy of producing the 100,000 barrels of oil per day it is aiming to achieve by the end of 2015 and said two further exploration wells will be drilled on Block 9 in Iraq in the second half to fast track its development.
Average gross production in the first half of the year was 92,060 barrels of oil per day, representing a substantial rise from the rate of 73,440 barrels per day a year earlier.
The oil company added that production exceeded 100,000 barrels at one point during June, with the average rate for that month coming in at 98,980 barrels per day. Production currently lies just under the 100,000 barrel mark, which is the company's target production rate for 2015.
"Dragon Oil anticipates that production will on average be around the 100,000 barrels of oil per day level until the end of 2015," said the company in a statement.
Dragon Oil also reiterated it plans to maintain the 100,000 barrels of oil per day rate from 2016 until 2021.
All of the companies production comes from the Cheleken contract area, which comprises of two offshore oil fields in Turkmenistan.
In addition, exploration work in Iraq is progressing after the company and its joint venture partners in Block 9 tested the first exploration well, Faihaa-1, which ran at a rate of 5,230 barrels of oil per day. Dragon, which owns a 30% stake in Block 9, said a further two exploration wells are planned in the second half of 2015 to "fast-track the development", it said.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
DGO.L