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Dragon Oil exceeds 2014 year-end production target

Reuters - UK Focus

LONDON, Jan 14 (Reuters) - Turkmenistan-focused oil producer Dragon Oil (LSE: DGO.L - news) exceeded its 2014 year-end oil production target by 2,000 barrels per day due to a 7 percent rise in output from its Turkmen Cheleken fields.

Dragon Oil said it achieved a production rate of 92,008 barrels of oil equivalent per day (bopd) at the end of 2014, topping a target range of 87,000-90,000 bopd.

Its Cheleken Contract Area produced an average of around 78,800 bopd, up 7 percent from 2013, the company said.

Dragon Oil and partner Kuwait Energy, which together have made a series of oil reservoir discoveries in Iraq, plan to speed up the evaluation of their latest discovery at Faihaa-1 by drilling two appraisal wells this year, Dragon Oil said. (Reporting by Karolin Schaps; editing by Jason Neely)