Revenues at Dragon Oil rise 11% on back of higher crude oil prices

Irish-listed exploration firm Dragon Oil has upped its half-year dividend payment to shareholders by 33% to 20c, on the back of a strong set of interim results.

The Dubai-headquartered company — which grew out of Irish mining firm, Oliver Prospecting & Mining in the early 1970s, and has a secondary share listing on Dublin’s Iseq — yesterday reported revenues of $547m (€409m) for the six months to the end of June.

This represented an 11% year-on-year jump and was driven by better realised crude oil prices, and higher sales volumes for Dragon’s entitlement share of oil production from the Cheleken Contract Area in Turkmenistan, its biggest asset.