LONDON, Jan 20 - Oil exploration group Dragon Oil Plc (DGO.I) (DGO.L) announced a 28 percent increase in gross production in 2008 and said it was targeting a 15 percent rise in average daily production in 2009.
"Although the industry is presently contending with a lower oil price than experienced recently, we are confident our forward thinking, proactive nature and strong cashflows will stand us in good stead, enabling Dragon Oil to mitigate the impact," chief executive Abdul Jaleel Al Khalifa said. Dragon said on Tuesday it achieved average daily production of 40,992 barrels of oil per day (bopd) in 2008, and ended the year with an output of 45,600 bopd against 40,048 at end-2007.
It had cash and cash equivalents, together with term deposits, of $867 million at end-December, up from $543 million at end-2007. Capital spending for the year was $307 million, compared with $228 million in 2007.
"Although the industry is presently contending with a lower oil price than experienced recently, we are confident our forward thinking, proactive nature and strong cashflows will stand us in good stead, enabling Dragon Oil to mitigate the impact," chief executive Abdul Jaleel Al Khalifa said. Dragon said on Tuesday it achieved average daily production of 40,992 barrels of oil per day (bopd) in 2008, and ended the year with an output of 45,600 bopd against 40,048 at end-2007.
It had cash and cash equivalents, together with term deposits, of $867 million at end-December, up from $543 million at end-2007. Capital spending for the year was $307 million, compared with $228 million in 2007.
