4th Oct 2013 11:23
LONDON (Alliance News) - Dragon Oil PLC reiterated Friday its full-year guidance for production from its Cheleken field in Turkmenistan, saying it expected to be at the lower end of the medium-term growth rate range of 10% to 15%.
In an operations update following the completion of two wells, the oil and gas company said it had completed two wells in the Cheleken Contract Area in Turkmenistan, and that both wells were producing with testing planned to commence.
The company said its leased platform-based rig is on scheduled maintenance currently, and expects to commence drilling on the Dzheitune (LAM) 22 platform in the fourth quarter of 2013.
Its water injection pilot project in Dzheitune (Lam) 75, which it started in June 2013, had seen positive responses. Dragon Oil said it plans to expand water injection operations to two or three more platforms during 2014, with the aim of maintaining pressure and sustaining production rates.
The company said that average production from the Cheleken field was around 74,300 barrels of oil per day in the third quarter, up from 69,000 in the previous year. Its average production for September was 74,000 barrels of oil per day.
Shares in Dragon Oil last traded at 583.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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