LONDON (SHARECAST) - Dragon Oil ramped up production in the six months to 30 June, helping the Central Asia-focused oil group to benefit from the soaring oil price.
Profit for the period totalled $309.4m, up from $137.6m over the same period the previous year, on revenues that soared to $527.4m from $276.3m. The company is paying a 9 cent interim dividend, having not paid one last year.
Average daily production was up by a quarter from the same period last year at 58,000 barrels.
“Revenues were underpinned by a 32% increase in the volume of crude oil sold, reflecting impressive production growth, and the benefit of strong realised oil prices,” Dragon said.
At 10.00am shares in Dragon Oil were up by 6.4% at 27.5p.
