Dragon Oil, an international oil and gas exploration and production company, has issued its interim management statement in accordance with the EU Transparency Directive. The statement covers the period from 1 January 2010 to date. The financial and production data are for the period from 1 January 2010 to 31 March 2010. All other information, including details on operations, is up-to-date as at 22 April 2010.
Key highlights
- The average daily production rate reached 47,654 barrels of oil per day (“bopd”) in Q1 2010, an increase of 9% over the comparable period in 2009 (Q1 2009: 43,787 bopd)
Â
- Three development wells came on stream at combined rates of 2,103 bopd, 2,168 bopd and 1,895 bopd
Â
- Capital expenditure on infrastructure and drilling was approximately US$67 million for Q1 2010 (Q1 2009: US$81 million)
Â
- Financial position of the Group with a cash balance of US$1,104 million at the end of Q1 2010 and with no debt remains strong.
“Dragon Oil continues to increase production. In Q1 2010 we achieved a 9% increase in gross production compared to Q1 2009. This year we have added workovers and sidetracks to our drilling programme in addition to the objective of completing 11 development wells by year end. The infrastructure development programme for the year is well underway along with the award of two production platforms Dzheitune (Lam) C and Dzhygalybeg (Zhdanov) A. We continue to drive our gas monetization and diversification strategies,” said Dr Abdul Jaleel Al Khalifa, CEO.
