Dublin-listed but Dubai-based oil explorer Dragon Oil has reported a sharp profit gain for 2007 and a favourable business outlook to support long-term growth and profit objectives.
Dragon Oil announced a 63% gain in taxed profit for the year to $304m, on the back of an 84% gain in revenue to $597m.
Dragon Oil, with cash of $543m and no debt by the end of the year, said it plans to increase its production and reserves base through asset diversification. It added that it will execute its planned capital expenditure programme.
Dublin and London-listed Dragon Oil is majority owned by the government of the United Arab Emirates. It has its principal development and production interests in the Caspian Sea, offshore Turkmenistan.
