Dragon Oil drops 8% after shortfall

DRAGON OIL, the Irish petroleum producer operating in Turkmenistan, dropped 8% in London trading after production fell short of expectations.

Dragon shares fell 26p, or 6.3%, to close at 390p, the lowest since January 3.

Average daily output rose 56% to 31,997 barrels of oil last year from 20,514 barrels in 2006, the Dublin-based company said yesterday. That is under the 32,900 barrels expected by Dublin-based Goodbody Stockbrokers.