Dragon: Time to consider takeovers

DRAGON Oil, a Caspian Sea oil explorer with $1.5 billion (€1.04bn) in cash, said the time is right to consider acquisitions given the recent drop in stock markets, according to its chief executive.

First-half earnings more than doubled to $309.4 million, from $137.6m last year, Dragon said yesterday. The company reported record $527.4m revenue in the period and expects to beat its 20% production growth forecast this year, he said.

“There could be opportunities” to acquire assets, Abdul Jaleel Al Khalifa said. “We are sharpening our pencil. It is time.”