SPOILER ALERT!
Dragon Oil still considers gas offer, prepares to expand
LONDON, Feb 23 - Oil and also gas explorer Dragon Oil (DGO.L)( DGO.I) claimed it was enthusiastic of progress on a gas sales sell Turkmenistan this year however would certainly also diversify into various other areas as reduced oil rates resulted in a 30 percent autumn in 2009 earnings.
Turkmenistan-focused Dragon stated on Tuesday it would utilize its money balance of greater than $1 billion to assist it commercialise its gas resources as well as make procurements to diversify its property base away from Turkmenistan.
President Abdul Jaleel Al Khalifa claimed Dragon had attempted to start talks in 2015 with the Turkmen government to market its gas in the nation yet problems with the logistics of conference had actually stood up development.
" We have proposals that we are attempting to put on the table to begin the conversation on this," Al Kalifato told Reuters in an interview with Reuters. "With any luck within the very first half of 2010 we can make significant development in this field."
Advancement Securities expert David Farrell stated given that Dragon's portfolio included no material expedition, upside was focused on the monetisation of gas as well as leverage to the oil rate.
Dragon shares were up 1.14 percent to 467.5 cent at 1114 GMT, valuing the company at 2.4 billion extra pounds ($3.7 billion).
The explorer stated pretax profit slumped to $259 million in 2009 from $369 million the previous year as sales of crude oil grew by 40 percent but earnings were hit by a reduced comparative oil price.
Typical day-to-day production increased 9 percent to 44,765 barrels of oil daily (bopd) from 40,992 in 2008. chemicals in water stated it would target annual result growth of 15 percent in 2010 as well as in between 10 as well as 15 percent on average approximately 2012.
Dragon claimed it was re-assessing whether to produce an incorporated holding company in Bermuda, a strategy that was revealed last year, as well as continued to be looking for acquisitions.
Al Kalifa said the firm would think about corporate and asset purchases in North Africa, the Center East and Central Asia.
"Our vision is to be in more than one place in the future," he claimed.
Turkmenistan-focused Dragon stated on Tuesday it would utilize its money balance of greater than $1 billion to assist it commercialise its gas resources as well as make procurements to diversify its property base away from Turkmenistan.
President Abdul Jaleel Al Khalifa claimed Dragon had attempted to start talks in 2015 with the Turkmen government to market its gas in the nation yet problems with the logistics of conference had actually stood up development.
" We have proposals that we are attempting to put on the table to begin the conversation on this," Al Kalifato told Reuters in an interview with Reuters. "With any luck within the very first half of 2010 we can make significant development in this field."
Advancement Securities expert David Farrell stated given that Dragon's portfolio included no material expedition, upside was focused on the monetisation of gas as well as leverage to the oil rate.
Dragon shares were up 1.14 percent to 467.5 cent at 1114 GMT, valuing the company at 2.4 billion extra pounds ($3.7 billion).
The explorer stated pretax profit slumped to $259 million in 2009 from $369 million the previous year as sales of crude oil grew by 40 percent but earnings were hit by a reduced comparative oil price.
Typical day-to-day production increased 9 percent to 44,765 barrels of oil daily (bopd) from 40,992 in 2008. chemicals in water stated it would target annual result growth of 15 percent in 2010 as well as in between 10 as well as 15 percent on average approximately 2012.
Dragon claimed it was re-assessing whether to produce an incorporated holding company in Bermuda, a strategy that was revealed last year, as well as continued to be looking for acquisitions.
Al Kalifa said the firm would think about corporate and asset purchases in North Africa, the Center East and Central Asia.
"Our vision is to be in more than one place in the future," he claimed.
