Oil independent Dragon Oil said that its average production rose 11% in the first half of the year but fell short of expectations due to changes in the drilling programme and some operational matters.
The average daily production rate grew to 42,808 barrels of oil per day (bopd) from 38,482bopd a year earlier but the average price for its crude oil dropped 54% to about $50 a barrel.
In a statement the company said that it remained “committed to its drilling programme” and expected to achieve up to 15% growth in annual production on average from 2009 to 2011, chief executive Abdul Jaleel Al Khalifa said.
The company said that it has suspended its corporate restructuring after receiving an offer approach from Dubai state-owned Emirates National Oil Company (ENOC) to buy the 48% it doesn’t own, reported Reuters.
Dragon’s main assets are oil and gas fields offshore Turkmenistan.