Oil and gas explorer Dragon Oil has reported a doubling in profit for 2005, driven by higher oil prices and increased production.
The company, whose assets are focused on Turkmenistan, said profit after tax rose 114% to $106.4m. Revenues jumped by 156% to $248.8m.
Production increased to 14,008 barrels of oil per day (bopd) from 8,630 bopd in 2004.
Dragon said that as of December 31, remaining recoverable proved and probable reserves in its Cheleken Contract Area, Turkmenistan, totalled 651 million barrels of oil and condensate and 3.5 trillion cubic feet of gross contingent gas resources.
Dragon's entitlement amounted to 323 million barrels of oil and condensate, it said.
'Dragon's continuous drilling programme is on target through the use of a contracted jack-up drilling rig,' the firm said in a statement. 'We are in the process of securing a second jack-up drilling rig in 2006. We are also considering plans to refurbish and mobilise our own platform rig in 2007,' it added.
