14th Jan 2015 09:47
LONDON (Alliance News) - Dragon Oil PLC Wednesday said production from the Cheleken field in Turkmenistan increased during 2014, with indications that it will continue to rise during 2015.
Gross production from the Cheleken field in 2014 averaged 78,790 barrels of oil per day, representing a 6.8% increase from 73,750 barrels of oil per day a year earlier. In December, average production reached 89,680 barrels of oil per day, from 72,900 barrels of oil per day in December 2013.
Dragon said the exit rate of production in 2014 was 90,008 barrels of oil per day. The exit rate refers to production on one of the last operational days of the year, and is often used as an estimate for production in the following year.
During November and December, Dragon completed the drilling of four new development wells in Turkmenistan, which are now all complete. One well's initial production test rate was 2,002 barrels of oil per day, with another producing 1,952 barrels of oil per day. The other two wells are currently being tested.
The four new wells brought the company's total amount of drilled wells in 2014 to 14.
In addition, Dragon is to accelerate the evaluation of the Faihaa-1 well in its joint venture in Iraq. Dragon holds a 30% interest in the project, with Kuwait Energy holding the balance. The evaluation of the well will be fast-tracked by drilling two appraisal wells in 2015 to de-risk the area.
Dragon shares were flat 480.00 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
DGO.L