Stocktube video
19/04/2012

Dragon Oil CEO says it’s going for growth

View full size
Additional Information
Market: LSE / ISE
Sector: Energy
EPIC: DGO
Latest Price: 520.00p  (-0.19% Descending)
52-week High: 656.00p
52-week Low: 387.75p
Market Cap: 2,661.37M
1 year chart
1 day chart
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Dragon Oil
www.dragonoil.com

Dragon Oil is an independent international oil and gas exploration, development and production company.  Our principal asset is the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The Group’s headquarters are located in Dubai, United Arab Emirates. Dragon Oil had proved and probable oil reserves as at 31 December 2009 of 617 million barrels and 3.1 trillion cubic feet of gas resources.

Pdf

Dragon Oil builds exploration team with appointment of Ali Al Hauwaj

2nd Feb 2012, 7:33 am by Giles Gwinnett  Last month, the company confirmed that production increased by 30 per cent in 2011 to an average of 61,500 barrels of oil per day

Established specialist Ali Al Hauwaj has been hired to head up the firm's exploration team, Dragon Oil (LON:DGO) said today.

The new exploration manager will take up the position this month (February), the company said.

Chief executive Abdul Jaleel Al Khalifa said he was delighted with the appointment.

"Ali is a senior and established exploration specialist with over 30 years of experience. This assignment is in line with our strategy to build our own exploration team and to grow through the acquisition of new exploration assets similar to the farm-in agreement for the Tunisian offshore permit signed last year," he said.

"Developing exploration capabilities will help us transform Dragon Oil into an integrated exploration and production company."

Before this, Al Hauwaj was at Saudi Aramco for more than 30 years, and for the last seven years, he was exploration manager.

His skills were critical in discovering many oil and gas fields in both central and eastern parts of Saudi Arabia, including a number of gas fields discovered onshore and offshore, said Dragon.

Last month, the company confirmed that production increased by 30 per cent in 2011 to an average of 61,500 barrels of oil per day.

Furthermore, it achieved the firm’s 70,000 barrel a day target by mid-December and Dragon achieved an exit rate of 71,751 barrels a day. As a result Dragon generated over US$1 billion in revenues.

In October last year, Dragon revealed that it was buying new exploration acreage offshore Tunisia, through a farm-in deal with Australian firm Cooper Energy (ASX:COE)

Through the deal Dragon Oil can earn a 55 per cent stake in the Bargou exploration permit, by paying 75 per cent of the drilling costs for the Hammamet West-3 exploration well which is expected to be drilled next year.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.