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Dragon Oil says talks with target firm Petroceltic continue

Reuters - UK Focus

LONDON, Oct 14 (Reuters) - London-listed oil explorer Dragon (SES: E1:MT1.SI - news) Oil said it remained in "detailed discussions" regarding a possible offer for Algeria-focused oil producer Petroceltic , as it maintained its annual production target.

Dragon Oil (LSE: DGO.L - news) , whose main producing assets are in Turkmenistan, said on Tuesday that it would make a further announcement regarding Petroceltic when appropriate, having said earlier this month that it was planning to make a near 500 million pound ($803 million) bid.

The company is on track to produce between 5 percent and 10 percent more oil this year than last, with an exit rate in the range of 87,000 to 90,000 barrels of oil per day (bopd) and a target for ending next year at a rate of 100,000 bopd.

Capital (Other OTC: CGHC - news) expenditure for the 2014 to 2016 period is set to rise to $2 billion as it builds a gas treatment plant and drills more wells, Dragon Oil said, higher than the estimated $600 million bill for 2014. (1 US dollar = 0.6227 British pound) (Reporting by Sarah Young, editing by Louise Heavens)