Dragon Oil first-half profits decrease by 37%
Pre-tax profit for the first six months of the year came in at $105 million (€74.6m) – compared with $166.9m for the same period last year. Operating profit, meanwhile, was down by 39% to $122m and revenue fell by 29%, year-on-year, to $263.5m.
On a brighter note, Dragon – which is headquartered in Dubai and 52% owned by the Emirates National Oil Company (ENOC) with its shares dually listed in London and Dublin – successfully completed two wells during the first half of this year, with a further two coming on stream last month and earlier this month. The company is on track to complete a total of eight wells by the end of this year and achieve production growth of around 15%.
