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Dragon Oil sells more crude in first quarter but at much lower price

Reuters - UK Focus

LONDON, April 21 (Reuters) - Turkmenistan-focused oil explorer Dragon Oil (LSE: DGO.L - news) sold nearly 80 percent more crude oil in the first quarter of the year compared with the same period in 2014, but at a much lower price due to the fall in global oil prices.

The company, which is assessing an approach by its main shareholder Emirates National Oil Co (ENOC) for the remainder of its equity, sold 4.8 million barrels of crude oil over the period at an average price of $40 per barrel, versus 2.7 million barrels sold last year at an average price of $92 per barrel.

The London-listed energy firm reiterated its full-year targets of reaching a production level of 100,000 barrels per day and spending between $500 million and $600 million on infrastructure and drilling on top of $50 million to 100 million on exploration. (Reporting by Karolin Schaps; Editing by David Holmes)