Dragon Oil edges further in Dzheitune well production



LONDON (ShareCast) - Dragon Oil (LSE: DGO.L - news) announced Friday the successful completion and initial testing of its Dzheitune well, offshore Turkmenistan.

The international oil and gas exploration company has achieved a depth of 3,085 metres at the Dzheitune (Lam) A/177 well.

Tests showed an initial production rate of 1,796 barrels of oil per day (bopd).

The jack-up rig used to complete the well is undergoing scheduled maintenance.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said: "I am pleased to report the successful completion and testing of the Dzheitune (Lam) A/177 development well. With this well we conclude an intensive drilling programme for this year, having completed 15 wells against the initial target of between 13 and 15 wells set at the beginning of the year.

"We have been producing at well above 70,000 bopd since mid-August and we firmly re-iterate our production growth guidance of 10% for 2012. The final production numbers will be reported in the trading statement due on January 15th, 2013."

Dragon Oil has a market capitalisation of £2,613.73m. Shares climbed 3.45% to 540.00p at 14:30 Friday.