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dragon oil plc (DGO) Details

Dragon Oil plc operates as an independent oil and gas exploration, development, and production company. Its principal producing asset is the Cheleken Contract Area covering approximately 950 square kilometers and comprises 2 offshore oil and gas fields in the eastern section of the Caspian Sea, offshore Turkmenistan. The company also has exploration assets in Tunisia, Iraq, Afghanistan, Egypt, and the Philippines. As of December 31, 2013, its oil and gas reserves and resources comprised 675 million barrels of 2P oil and condensate reserves; 1.4 trillion cubic feet of gas reserves; 69 million barrels of oil and condensate contingent resources; and 1.3 trillion cubic feet of gas resources in the Cheleken Contract Area. The company was formerly known as Oliver Prospecting & Mining Co. Limited and changed its name to Dragon Oil plc in 1993. Dragon Oil plc was incorporated in 1971 and is headquartered in Dubai, the United Arab Emirates. Dragon Oil plc is a subsidiary of Emirates National Oil Company Limited (ENOC) L.L.C.

1,550 Employees
Last Reported Date: 03/21/14
Founded in 1971

dragon oil plc (DGO) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: $1.6M
Compensation as of Fiscal Year 2013.

dragon oil plc (DGO) Key Developments

Dragon Oil plc Announces Drilling Update in the Cheleken Contract Area, Turkmenistan; Provides Production Results for the Month and First Half Ended June 2014

Dragon Oil plc publishes a quarterly update on the drilling activity in the Cheleken Contract Area, Turkmenistan, and its exploration assets in the second quarter of 2014 and production numbers for first half of 2014. The sidetrack drilled from the Dzheitune (Lam) 4 platform (4A/187) to appraise the location for a future platform encountered water and will be side-tracked in the future. The first new well in the Dzhygalybeg (Zhdanov) field, an appraisal well Zhdanov 21/101, was tested across limited reservoir intervals for initial production at 425 bopd with a high water content. Due to well bore stability issues the company have decided to suspend the well and sidetrack it in the future. Land Rig 1 is currently completing the Dzheitune (Lam) 22/188 well and will continue drilling on the Dzheitune (Lam) 22 platform; The Elima jack-up rig is drilling the Dzheitune (Lam) A/190 well; The Neptune rig is being mobilised to the Dzheitune (Lam) C platform to spud the Dzheitune (Lam) C/191 well; Work is ongoing on preparing Land Rig 2 to spud the Dzhygalybeg (Zhdanov) A/102 well in the coming two weeks; The Caspian Driller is expected to arrive in the Cheleken Contract Area in second half of 2014. The average Cheleken Contract Area gross production for first half of 2014 was 73,440 bopd. The average production for June 2014 was 76,100 bopd against 75,800 bopd for the same month a year ago.

Dragon Oil plc Provides Production Guidance for the Second Half of the Year 2014

Dragon Oil plc provided production guidance for the second half of the year 2014. The company taking into account the performance in the first half of the year and forecasts for the second half of the year, the company now expect the average gross production growth from the Cheleken Contract Area to be in the range of 5% to 10% in 2014. The company re-iterate drilling programme of between 14 and 16 wells, most of which will come into production in second half of 2014; The company expects to exit at 87,000 to 90,0000 bopd in 2014 and maintain guidance for an exit rate of 100,000 bopd in 2015.

Dragon Oil plc Recommends Final Dividend for the Year Ended December 31, 2013 Payable on May 1, 2014

The Board of Directors of Dragon Oil recommended the payment of a final dividend of 18 cents per share. Together with the interim dividend of 15 cents, the total dividend for the year ended December 31, 2013 is 33 cents. The final dividend is subject to shareholder approval at the annual general meeting to be held on April 23, 2014. If approved, the final dividend is expected to be paid on May 1, 2014 to shareholders on the register as of April 4, 2014. The ex-dividend date is April 2, 2014.


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