Dublin and London-listed oil explorer Dragon Oil said it remained in "detailed discussions" regarding a possible offer for Algeria-focused oil producer Petroceltic as it maintained its annual production target.
Dragon Oil's main producing assets are in Turkmenistan.
It said today it would make a further announcement regarding Petroceltic when appropriate, having said earlier this month that it was planning to make a near £500m bid.
The company is on track to produce between 5-10% more oil this year than last, with an exit rate in the range of 87,000 to 90,000 barrels of oil per day (bopd) and a target for ending next year at a rate of 100,000 bopd.
Capital expenditure for the 2014 to 2016 period is set to rise to $2 billion as it builds a gas treatment plant and drills more wells, Dragon Oil said, higher than the estimated $600m bill for 2014.
