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Dragon raises dividends in strong half

Tuesday, August 05 10:56:46

Dublin-based Dragon Oil will pay shareholders an interim dividend of 20 cents per share following a strong performance in the first half of the year, the Turkmenistan-focused oil explorer said today.

The company reported a 20 percent rise in operating profit over the first six months of the year to $388.5 million and revenue reached $547 million, 11 percent higher than in 2013.

The oil explorer benefited from selling its crude at a higher price and lifting higher volumes from its key Cheleken fields in Turkmenistan.

Dragon Oil said it was on track to reach a production level of 100,000 barrels of oil per day (bpd) in 2015 and a daily rate of 87,000-90,000 bopd this year.

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