Dragon Oil reports production growth and Algeria bid success

Caitlin Morrison
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Dragon Oil said yesterday in its third-quarter statement that it was targetting six new wells

ref="http://www.cityam.com/company/dragon-oil">Dragon Oil confirmed yesterday in its interim management statement that it was still in detailed discus­sions concerning a bid for Irish company Petroceltic.

According to the company’s report for the third quarter of 2014, it completed six new wells during the period, and increased production by 9.6 per cent comp­ared with the level in the first half of the year.

In its outlook for the rest of the year, Dragon Oil said it expected to drill a further six wells, taking the total number drilled this year to 16.

The firm was successful in bidding for two exploration blocks in Algeria in September.

Dr Abdul Jaleel Al Khalifa, Dragon Oil chief executive, said it had been an “eventful month”, adding: “This is an achievement in line with our diversification strategy and an entry into yet another North African country known to be rich in hydrocarbon resources and opportunities.”

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