Dragon financials on the up

Dragon Oil, an Emirates National Oil Company entity with interests in the Caspian area, reported improved financials for 2004.

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By  David Ingham Published  May 26, 2005

Dragon Oil, an Emirates National Oil Company entity with interests in the Caspian area, has reported improved financials for 2004. For the year ending December 31, turnover reached US $97.1 million and net profit was US $49.7 million, driven by higher oil prices. Those numbers came on the back of sales of 2.8 million barrels, down from 3.2 million barrels over the whole of 2003. As of December 31 2004, the company estimates that there are 661 million barrels of recoverable oil and condensate in the Cheleken contract area. The estimate of contingent gross gas resources in the same area is 3.5 trillion cubic feet. “I’m pleased to report significant progress in 2004 which augurs well for the future,” said Hussain M. Sultan, chairman of Dragon Oil. “In the second half of the year, total production reached 20,532 barrels per day following a successful drilling and well workover programme.” In recent days, ENOC has denied that it is trying to sell the company to Russian investors.

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