Oil price slump hits Dragon’s first-half profits

The low oil price environment has resulted in Irish-listed exploration firm Dragon Oil posting an 18% year-on-year drop in first half revenues, while profits dipped by over 50%.

Dubai-based Dragon — which has its roots in Ireland — yesterday reported first- half revenues of $449.9m (€412m); down from $547m for the corresponding period last year. Operating profit was down by 54%, at just over $179m; while earnings per share fell by 52% to 28.26c.

Average gross production — from its lead asset in Turkmenistan — amounted to 92,060 barrels of oil per day up from last year’s first half total of 73,440 barrels of oil per day.