Price rise boost for Dragon Oil

Dragon Oil’s profit soared 49 per cent in 2010 on higher oil prices as the Turkmenistan-focused company said it had widened its scope for potential acquisitions to include West Africa. Dragon Oil's pre-tax profit jumped to $514.7m (£318.2m) in 2010, slightly behind a consensus of $517m in a poll of five analysts, from $345m the year before. The company’s profits benefited from stronger oil prices in 2010 and after its daily rate of production rose 5.5 per cent to 47,211 barrels of oil per day.