Oil prices hike spells profits boost for Dragon

Oil and gas exploration and production company Dragon has announced first-half, after-tax profits of $49.6m (€41.2m), up from $15.3m (€12.7m) in the same period last year.

Dragon’s principal asset is a Production Sharing Agreement (“PSA”) in the Cheleken Contract Area, in the eastern Caspian Sea offshore Turkmenistan.

Chairman Hussain M Sultan said: "This is an excellent half-year result which was achieved through a combination of production growth and the significantly higher oil price over the same period last year. Production growth remains our priority, and this is being achieved through the continuous drilling and well workover programmes."