DRAGON OIL, the Dubai-based explorer operating in Turkmenistan, tested its Dzheitune (Lam) 22/128 development well in the Central Asian republic and expects to meet its output forecasts.

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 Oil has agreed terms for a new $40 million loan from the Emirates National Oil Company (ENOC), its major shareholder.

Independent oil and gas exploration firm Dragon Oil plc has posted after tax profits of $28.8m (€23.28m) up from $15.5m (€12.53m) in 2002.