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Dragon Oil lifts well drilling in 2014 to meet production target

Reuters - UK Focus

LONDON, Feb 18 (Reuters) - Turkmenistan-focused oil company Dragon Oil (LSE: DGO.L - news) said it expected to drill 14-16 wells this year and around 20 wells in 2015, in a bid to meet its 100,000 barrels per day production target from next year.

"We continue our journey to achieve the 100,000 bopd production target in 2015, which will be maintained as a plateau from 2016," said Dragon Oil Chief Executive Abdul Jaleel Al Khalifa.

The company saw a string of delays and well testing difficulties in 2013 which resulted in a lower-than-expected production rate.

It now forecasts an annual production growth rate at the lower end of 10-15 percent for 2014.

The company posted a 13 percent drop in operating profit to $687.7 million and revenue was down 9 percent at $1.1 billion, Dragon Oil said on Tuesday.