Dragon Oil Attains Cheleken Milestone; Enoc Bid Stumbles

The UAE’s Dragon Oil, currently being absorbed by Dubai’s Emirates National Oil Company (Enoc), has achieved its year-end output target of 100,000 b/d from its Turkmenistan assets ahead of schedule, and is preparing to boost production further with the fast-track development of Iraq’s Block 9 discoveries.

In a filing to the Irish Stock Exchange, where it is listed, Dragon says gross output from its Cheleken Contract Area in the Turkmen sector of the Caspian Sea rose to 100,658 b/d on 9 June, well above the first half average of 92,060 b/d. Gross June output averaged 98,890 b/d, up from 76,100 b/d a year earlier. The increase was achieved with additional perforations in certain existing wells as well as four jet pump installations. Dragon has completed six wells since the start of the year and expects a new rig to start operations in Q3. The company has updated its guidance for production growth in 2015 to around 15%. (CONTINUED - 1196 WORDS)