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Proactiveinvestors United Kingdom Dragon Oil http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Dragon Oil RSS feed en Mon, 21 May 2012 11:49:29 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120518dgo6808d/ Fri, 18 May 2012 14:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120518dgo6808d/ <![CDATA[News - Dragon Oil completes new development well offshore Turkmenistan ]]> http://www.proactiveinvestors.co.uk/companies/news/42896/dragon-oil-completes-new-development-well-offshore-turkmenistan-42896.html Dragon Oil (LON:DGO) has successfully completed and tested the Dzheitune (Lam) 28/169 development well in the Caspian Sea, offshore Turkmenistan.

Dzheitune (Lam) 28/169 was completed as a single producer to a depth of 2,010 metres.

It tested for initial production at 1,775 barrels of oil per day (bopd). The rig has skidded to the next slot and spudded the Dzheitune (Lam) 28/172 well.

Early in the second quarter, a number of older wells were choked down to minimise possible production of sand which had an impact on the oil flow from these wells.

The company is gradually bringing the wells back to normal flow levels by installing sand screens in some of those affected older wells as well as desanders on certain platforms in areas prone to sand production. 

Over the last two years, Dragon Oil has been installing sand screens on newer wells to control sand production and to ensure effective oil flow from well completions, and it will continue to do so in 2012.

Taking into account the performance in the first quarter of the current year and estimates for the second, the company is forecasting average gross production in the first half to be around 10-15 per cent over the average gross production level of 58,000 bopd achieved in the first half of 2011.

“We expect to return to the above 70,000 bopd level in July. We are seeking to optimise the drilling programme for the remainder of the year including a possibility of drilling some additional wells. We maintain our guidance for the gross production growth rate for the full year in 2012 at 15 per cent,” Dragon Oil added.

The group is currently a single asset company producing from the Cheleken production sharing contract it fully controls

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Wed, 16 May 2012 11:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42896/dragon-oil-completes-new-development-well-offshore-turkmenistan-42896.html
<![CDATA[RNS press release - Drilling and Production Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120516dgo4552d/ Wed, 16 May 2012 10:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120516dgo4552d/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120510dgo0874d/ Thu, 10 May 2012 12:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120510dgo0874d/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/120509dgo9648c/ Wed, 09 May 2012 10:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120509dgo9648c/ <![CDATA[Broker press ]]> Wed, 09 May 2012 00:00:00 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120420dgo8085b/ Fri, 20 Apr 2012 17:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120420dgo8085b/ <![CDATA[Media files - Dragon Oil CEO says it’s going for growth ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/1112/dragon-oil-ceo-says-its-going-for-growth-1112.html LON:DGO), tells Proactiveinvestors that having produced record results, seen a sharp rise in production and with a 100,000 bopd target, the company is now looking at growth. To this end Jaleel talks about Dragon Oil’s recent membership of the Bargou joint venture off the coast of Tunisia.]]> Thu, 19 Apr 2012 11:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/1112/dragon-oil-ceo-says-its-going-for-growth-1112.html <![CDATA[RNS press release - Results of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/120418dgo6025b/ Wed, 18 Apr 2012 14:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120418dgo6025b/ <![CDATA[News - Credit Suisse says European oil stocks will continue to outperform the market ]]> http://www.proactiveinvestors.co.uk/companies/news/41583/credit-suisse-says-european-oil-stocks-will-continue-to-outperform-the-market-41583.html The bank’s strategists remain positive on equity markets and it believes the E&P sector is a proxy for the ‘risk on’ trade. The banking heavyweight upgraded a number of its choice oil stocks today – Afren, Genel, Dragon Oil, Faroe Petroleum, EnQuest, Premier Oil and Tullow.

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Tue, 17 Apr 2012 12:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41583/credit-suisse-says-european-oil-stocks-will-continue-to-outperform-the-market-41583.html
<![CDATA[News - Dragon Oil reports a sharp increase in production; cash pile exceeds US$1.6 bln ]]> http://www.proactiveinvestors.co.uk/companies/news/41488/dragon-oil-reports-a-sharp-increase-in-production-cash-pile-exceeds-us16-bln--41488.html Dragon Oil  this morning unveiled a sharp rise in production after five new wells came online in the first quarter.

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Mon, 16 Apr 2012 07:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41488/dragon-oil-reports-a-sharp-increase-in-production-cash-pile-exceeds-us16-bln--41488.html
<![CDATA[RNS press release - Interim Management Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/120416dgo3556b/ Mon, 16 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120416dgo3556b/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/120413dgo3009b/ Fri, 13 Apr 2012 11:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120413dgo3009b/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/120413dgo3001b/ Fri, 13 Apr 2012 11:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120413dgo3001b/ <![CDATA[RNS press release - Dividend Exchange Rate ]]> http://www.proactiveinvestors.co.uk/companies/rns/120412dgo2136b/ Thu, 12 Apr 2012 10:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120412dgo2136b/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/120411dgo1510b/ Wed, 11 Apr 2012 15:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120411dgo1510b/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/120402dgo6208a/ Mon, 02 Apr 2012 14:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120402dgo6208a/ <![CDATA[Broker press ]]> Thu, 22 Mar 2012 00:00:00 +0000 <![CDATA[News - Dragon Oil offers growth at a reasonable price, says Credit Suisse as it initiates coverage ]]> http://www.proactiveinvestors.co.uk/companies/news/40428/-dragon-oil-offers-growth-at-a-reasonable-price-says-credit-suisse-as-it-initiates-coverage-40428.html Dragon Oil offers growth at a reasonable price, according to heavyweight broker Credit Suisse as it initiated coverage of the stock. It did so with an ‘outperform’ recommendation and 818 pence a share price target –  a 31 per cent premium to the current share price.


 

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Mon, 19 Mar 2012 12:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40428/-dragon-oil-offers-growth-at-a-reasonable-price-says-credit-suisse-as-it-initiates-coverage-40428.html
<![CDATA[News - Dragon Oil reports successful well test in Cheleken contract area, Turkmenistan ]]> http://www.proactiveinvestors.co.uk/companies/news/40409/dragon-oil-reports-successful-well-test-in-cheleken-contract-area-turkmenistan-40409.html Dragon Oil (LON:DGO) has reported the successful completion and initial testing of the Dzheitune (Lam) C/167 development well, part of the Cheleken production sharing contract in the Caspian Sea, offshore Turkmenistan.

The well was completed as a dual producer to a depth of 2,765 metres. It tested for initial production at 3,396 barrels of oil per day.  The drilling rig has skidded to the next slot and spudded the Dzheitune (Lam) C/170 well.

Chief executive Dr Abdul Jaleel Al Khalifa said: “"I am pleased to report solid drilling results from the first appraisal and development well to have been completed from the new wellhead and production Dzheitune (Lam) C platform.
 
The drilling results together with logs and pressure tests indicate that the prolific oil bearing sands in the reservoirs under the Dzheitune (Lam) 28 platform extend to the west towards the Dzheitune (Lam) C platform location. The findings from this well further prove our understanding of the Dzheitune (Lam) West area."

The group is currently a single asset company producing over 70,000 barrels of oil a day from the Cheleken production sharing contract it fully controls.

The operational focus is on the re-development of two oil-producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).

A major expansion programme aims to grow production beyond the 100,000 barrel a day mark by 2015.

Dragon Oil has a very strong balance sheet with more than US$1.5 billion cash in hand. It has been on the acquisition trail for some time. 

It was briefly considering a takeover of Bowleven (LON:BLVN) last month, but declared at the end of February it was no longer exploring the issue.

Today’s well test results lifted the stock in early trade.  Just after the open, Dragon’s shares were up 3.5 per cent at 638 pence.

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Mon, 19 Mar 2012 08:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40409/dragon-oil-reports-successful-well-test-in-cheleken-contract-area-turkmenistan-40409.html