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    • 2014 Annual Report

      In 2014, we continued to grow the average gross production in the Cheleken Contract Area, Turkmenistan, and exited the year at an impressive rate of 92,008 barrels of oil per day. We also added two exploration perimeters in Algeria to our portfolio of oil and gas assets and had two oil discoveries in Iraq.

      2014 full-year results

      With 14 development and appraisal wells completed in 2014 as well as solid field performance, we grew average gross production in the Cheleken Contract Area by 6.8% to 78,790 bopd. Drilling accelerated significantly in the second half of the year allowing us to exit at 92,008 bopd – well above our expectations of 87,000-90,000 bopd. Revenues grew by 4% to US$1.1 billion as a result of higher sales volumes, which were offset by lower realised prices. Our cash generating abilities remained strong: US$0.8 billion was generated from operations. The exploration well in Iraq yielded encouraging oil discoveries in both targeted formations and we added two exploration blocks in Algeria.

    • 2014 interim results

      Revenues increased by 11% in 1H 2014 supported by better realised crude oil prices and higher sales volumes for our entitlement share of crude oil production from the Cheleken Contract Area in Turkmenistan. Sales volumes grew on the account of improved entitlement, which was 52% for the period compared to 44% a year ago. Average gross production in 1H 2014 was supported by two successful sidetracks and effective management of the existing production.

      2013 Annual Report

      In 2013, we achieved solid gross production growth of 9.1% and took delivery of new jack-up and platform-based drilling rigs to support our drilling programme in 2014 and beyond in Turkmenistan. At the same time, we added an exploration asset in the prolific southern Gulf of Suez region, Egypt, and, in January 2014, we announced a farm-in into an offshore block in the Philippines.

      2013 full-year results

      Compared to 2012, revenues in 2013 were down by 9% mainly on the back of lower realised oil prices, but nevertheless remained above US$1bn for a third year in a row due to gross production growth of 9.1%. Profits were lower by 15% primarily on account of higher provisional discount and lower crude oil prices; however, we maintained strong cash generating capabilities with US$0.8bn generated in 2013.

    • OGT 2013

      Dragon Oil's CEO Dr Abdul Jaleel Al Khalifa presented at the 18th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 19-21 November 2013.

      Turkmenistan Invest 2013

      Dragon Oil's COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 5th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 17-18 October 2013.

      2013 interim results

      Solid production growth at 15% compared to the same period last year was achieved in the Cheleken Contract Area. Dragon OiI completed six wells, including one sidetrack; the underlying performance from the existing wells was strong and continues to hold. Revenue in the first half of the year was down by 16% primarily on account of lower realised crude oil prices at US$86 per barrel as a result of the revised pricing under the current marketing agreement.

      2012 Annual Report

      For the second year in a row, revenues exceeded US$1 billion due to strong oil prices and solid production growth. The Group’s cash generating abilities remained strong: we generated US$1bn from operations during the year. Production challenges in early 2012 were successfully dealt with allowing us to close the year with the average December gross production of 73,500 bopd. We also entered two countries winning in bidding rounds for exploration assets. We welcomed a new Independent Non-executive Board member and a Company Secretary to our team.

      2012 full-year results

      We were pleased to report once again strong financial and operational results for 2012. We sustained the over-US$1 billion level in revenues as a result of strong oil prices and growth in production and finished the year with the average December production of robust 73,500 bopd.

    • OGT 2012

      Dragon Oil's CEO Dr Abdul Jaleel Al Khalifa presented at the 17th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 14-16 November 2012.

      Turkmenistan Invest 2012

      Dragon Oil's COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 4th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 15-17 October 2012.

      2012 interim results

      Dragon Oil has achieved solid financial results in the first half of the year. The oil price volatility during the period was significant ranging from a high of US$128/barrel to US$89/barrel on fears stemming from the eurozone crisis and supply concerns around the world. As we have entered the second half of the year, we expect the oil price volatility to continue. On the production side, the 10.7% growth over the 1H 2011 level is a significant growth considering that we had to choke down certain wells to control sand production in the second quarter of this year. This was achieved by the impressive 12 wells put into production since the beginning of the year.

      2011 Annual Report

      The development of the Cheleken Contract Area has reached a strong maturity phase: we set a target of reaching 100,000 bopd of gross production in 2015 and maintaining this level for a minimum of five years thereafter while we undertake a pilot water injection project to assess potential for higher production.

      2011 full-year results

      In 2011, we achieved a remarkable production growth, 30% increase in gross field production, which has translated into record financial results for the Group. The year also saw several significant infrastructure projects coming to fruition, including the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.

    • 2011 interim results

      We continue to successfully ramp up production from the Cheleken Contract Area, which in the first six months of this year increased by 25% over the corresponding period in 2010. The first six months of 2011 were also a record in terms of revenues generated: the best ever result over comparable periods due to the continued strong production growth and high realized oil prices.

      2010 Annual Report

      We enjoyed a record year in terms of revenues generated and the number of wells drilled and completed as well as we awarded a number of major contracts for infrastructure projects. We completed a milestone upgrade to the infrastructure base, thus eliminating the bottlenecks, which constrained production growth last year.

      2010 preliminary results

      Dragon Oil enjoyed a record year in terms of revenues generated and the number of wells drilled and completed as well as awarding a number of major contracts for infrastructure projects. We completed a major upgrade to the infrastructure base, thus eliminating the bottlenecks, which constrained production growth last year. This allowed us to achieve a robust exit rate of over 57,000 bopd.

    • 2010 interim results

      In the first half of 2010 we have continued to focus on driving production growth forward and investing in infrastructure to ensure we have the capacity to support this objective in the years ahead. We have employed a total of four rigs this year, with two of these continuing to operate on a full-time basis. In addition to the objective of completing 11 development wells by year end, we have also completed three workovers and one sidetrack to date as part of our drilling programme for 2010.

      2009 Annual Report

      Dragon Oil delivered solid results in 2009 driven by a strong operational performance against the backdrop of a steady recovery in oil prices during the year. We are proud to report that at the turn of 2009-10, Dragon Oil’s production hit the landmark level of 50,000 bopd. This is a significant achievement and is a testament to the hard work and dedication of all of our employees.

      2009 preliminary results

      Sales volumes of crude oil increased 40% in 2009 over the prior year although revenues were 12% lower primarily reflecting the much lower comparative oil price. However, net cash generated from operations continued to be strong at US$500 million with an earnings per share of 50.30 US Cents for the year. We have a strong balance sheet with a cash balance of over US$1 billion at year end 2009 which provides us with significant financial flexibility going forward.

    • 2009 interim results

      Revenues in the period were 29% lower at US$263.5 million compared with the level achieved during the same period in 2008. This is primarily due to significantly lower realised oil prices, at US$50/bbl (1H 2008: US$108/bbl) only partially offset by a 40% higher quantity of crude oil sold and change in the lifting position at the period end. We maintained our debt-free position with a healthy cash balance of US$875.4 million as of 30 June 2009.

      2008 Annual Report

      Dragon Oil had another successful year achieving a number of key operational and financial milestones and its robust financial health places it in a strong position to weather the global economic downturn. In 2008, we achieved 18% growth in revenue resulting in a 30% growth in operating profit. This was generated largely on the back of increased realised prices in 2008, despite a decrease in sales volumes.

      2008 preliminary results

      In 2008, we achieved growth of 18% in revenue to US$706 million (2007: US$597 million) and 30% in operating profit to US$474 million (2007: US$365 million) on the back of increased realised prices during last year. We raised the average daily production rate by 28% to 40,992 bopd at the end of 2008, beating our target of a 25% increase.

    • 2007 Annual Report

      Once again, we achieved a record set of financial results with profits after tax rising by 63% to US$304 million and basic earnings per share have improved by 63% to 59.5 cents. Gross production in 2007 reached a new record 11.7 million barrels and average realised crude prices during the year were US$70.9 per barrel compared to US$61.4 in 2006, contributing to a 75% rise in gross profit over the previous year.

    • 2006 Annual Report

      It was an exceptional year in terms of financial performance, with profits after tax increasing to US$180 million, a 70% improvement over 2005. Basic earnings per share improved by 57% to 35.4 cents. Gross production in 2006 reached a record 7.5 million barrels and average realised crude prices during the year were US$61.3 per barrel compared to US$48.6 last year, resulting in a 27% improvement in gross profit over the previous year.

    • 2014 Annual Report

      In 2014, we continued to grow the average gross production in the Cheleken Contract Area, Turkmenistan, and exited the year at an impressive rate of 92,008 barrels of oil per day. We also added two exploration perimeters in Algeria to our portfolio of oil and gas assets and had two oil discoveries in Iraq.

    • 2013 Annual Report

      In 2013, we achieved solid gross production growth of 9.1% and took delivery of new jack-up and platform-based drilling rigs to support our drilling programme in 2014 and beyond in Turkmenistan. At the same time, we added an exploration asset in the prolific southern Gulf of Suez region, Egypt, and, in January 2014, we announced a farm-in into an offshore block in the Philippines.

    • 2012 Annual Report

      For the second year in a row, revenues exceeded US$1 billion due to strong oil prices and solid production growth. The Group’s cash generating abilities remained strong: we generated US$1bn from operations during the year. Production challenges in early 2012 were successfully dealt with allowing us to close the year with the average December gross production of 73,500 bopd. We also entered two countries winning in bidding rounds for exploration assets. We welcomed a new Independent Non-executive Board member and a Company Secretary to our team.

    • 2011 Annual Report

      The development of the Cheleken Contract Area has reached a strong maturity phase: we set a target of reaching 100,000 bopd of gross production in 2015 and maintaining this level for a minimum of five years thereafter while we undertake a pilot water injection project to assess potential for higher production.

    • 2010 Annual Report

      We enjoyed a record year in terms of revenues generated and the number of wells drilled and completed as well as we awarded a number of major contracts for infrastructure projects. We completed a milestone upgrade to the infrastructure base, thus eliminating the bottlenecks, which constrained production growth last year.

    • 2009 Annual Report

      Dragon Oil delivered solid results in 2009 driven by a strong operational performance against the backdrop of a steady recovery in oil prices during the year. We are proud to report that at the turn of 2009-10, Dragon Oil’s production hit the landmark level of 50,000 bopd. This is a significant achievement and is a testament to the hard work and dedication of all of our employees.

    • 2008 Annual Report

      Dragon Oil had another successful year achieving a number of key operational and financial milestones and its robust financial health places it in a strong position to weather the global economic downturn. In 2008, we achieved 18% growth in revenue resulting in a 30% growth in operating profit. This was generated largely on the back of increased realised prices in 2008, despite a decrease in sales volumes.

    • 2007 Annual Report

      Once again, we achieved a record set of financial results with profits after tax rising by 63% to US$304 million and basic earnings per share have improved by 63% to 59.5 cents. Gross production in 2007 reached a new record 11.7 million barrels and average realised crude prices during the year were US$70.9 per barrel compared to US$61.4 in 2006, contributing to a 75% rise in gross profit over the previous year.

    • 2006 Annual Report

      It was an exceptional year in terms of financial performance, with profits after tax increasing to US$180 million, a 70% improvement over 2005. Basic earnings per share improved by 57% to 35.4 cents. Gross production in 2006 reached a record 7.5 million barrels and average realised crude prices during the year were US$61.3 per barrel compared to US$48.6 last year, resulting in a 27% improvement in gross profit over the previous year.

    • 2014 full-year results

      With 14 development and appraisal wells completed in 2014 as well as solid field performance, we grew average gross production in the Cheleken Contract Area by 6.8% to 78,790 bopd. Drilling accelerated significantly in the second half of the year allowing us to exit at 92,008 bopd – well above our expectations of 87,000-90,000 bopd. Revenues grew by 4% to US$1.1 billion as a result of higher sales volumes, which were offset by lower realised prices. Our cash generating abilities remained strong: US$0.8 billion was generated from operations. The exploration well in Iraq yielded encouraging oil discoveries in both targeted formations and we added two exploration blocks in Algeria.

    • 2014 interim results

      Revenues increased by 11% in 1H 2014 supported by better realised crude oil prices and higher sales volumes for our entitlement share of crude oil production from the Cheleken Contract Area in Turkmenistan. Sales volumes grew on the account of improved entitlement, which was 52% for the period compared to 44% a year ago. Average gross production in 1H 2014 was supported by two successful sidetracks and effective management of the existing production.

      2013 full-year results

      Compared to 2012, revenues in 2013 were down by 9% mainly on the back of lower realised oil prices, but nevertheless remained above US$1bn for a third year in a row due to gross production growth of 9.1%. Profits were lower by 15% primarily on account of higher provisional discount and lower crude oil prices; however, we maintained strong cash generating capabilities with US$0.8bn generated in 2013.

    • 2013 interim results

      Solid production growth at 15% compared to the same period last year was achieved in the Cheleken Contract Area. Dragon OiI completed six wells, including one sidetrack; the underlying performance from the existing wells was strong and continues to hold. Revenue in the first half of the year was down by 16% primarily on account of lower realised crude oil prices at US$86 per barrel as a result of the revised pricing under the current marketing agreement.

      2012 full-year results

      We were pleased to report once again strong financial and operational results for 2012. We sustained the over-US$1 billion level in revenues as a result of strong oil prices and growth in production and finished the year with the average December production of robust 73,500 bopd.

    • 2012 interim results

      Dragon Oil has achieved solid financial results in the first half of the year. The oil price volatility during the period was significant ranging from a high of US$128/barrel to US$89/barrel on fears stemming from the eurozone crisis and supply concerns around the world. As we have entered the second half of the year, we expect the oil price volatility to continue. On the production side, the 10.7% growth over the 1H 2011 level is a significant growth considering that we had to choke down certain wells to control sand production in the second quarter of this year. This was achieved by the impressive 12 wells put into production since the beginning of the year.

      2011 full-year results

      In 2011, we achieved a remarkable production growth, 30% increase in gross field production, which has translated into record financial results for the Group. The year also saw several significant infrastructure projects coming to fruition, including the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.

    • 2011 interim results

      We continue to successfully ramp up production from the Cheleken Contract Area, which in the first six months of this year increased by 25% over the corresponding period in 2010. The first six months of 2011 were also a record in terms of revenues generated: the best ever result over comparable periods due to the continued strong production growth and high realized oil prices.

      2010 preliminary results

      Dragon Oil enjoyed a record year in terms of revenues generated and the number of wells drilled and completed as well as awarding a number of major contracts for infrastructure projects. We completed a major upgrade to the infrastructure base, thus eliminating the bottlenecks, which constrained production growth last year. This allowed us to achieve a robust exit rate of over 57,000 bopd.

    • 2010 interim results

      In the first half of 2010 we have continued to focus on driving production growth forward and investing in infrastructure to ensure we have the capacity to support this objective in the years ahead. We have employed a total of four rigs this year, with two of these continuing to operate on a full-time basis. In addition to the objective of completing 11 development wells by year end, we have also completed three workovers and one sidetrack to date as part of our drilling programme for 2010.

      2009 preliminary results

      Sales volumes of crude oil increased 40% in 2009 over the prior year although revenues were 12% lower primarily reflecting the much lower comparative oil price. However, net cash generated from operations continued to be strong at US$500 million with an earnings per share of 50.30 US Cents for the year. We have a strong balance sheet with a cash balance of over US$1 billion at year end 2009 which provides us with significant financial flexibility going forward.

    • 2009 interim results

      Revenues in the period were 29% lower at US$263.5 million compared with the level achieved during the same period in 2008. This is primarily due to significantly lower realised oil prices, at US$50/bbl (1H 2008: US$108/bbl) only partially offset by a 40% higher quantity of crude oil sold and change in the lifting position at the period end. We maintained our debt-free position with a healthy cash balance of US$875.4 million as of 30 June 2009.

      2008 preliminary results

      In 2008, we achieved growth of 18% in revenue to US$706 million (2007: US$597 million) and 30% in operating profit to US$474 million (2007: US$365 million) on the back of increased realised prices during last year. We raised the average daily production rate by 28% to 40,992 bopd at the end of 2008, beating our target of a 25% increase.

    • OGT 2013

      Dragon Oil's CEO Dr Abdul Jaleel Al Khalifa presented at the 18th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 19-21 November 2013.

      Turkmenistan Invest 2013

      Dragon Oil's COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 5th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 17-18 October 2013.

    • OGT 2012

      Dragon Oil's CEO Dr Abdul Jaleel Al Khalifa presented at the 17th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 14-16 November 2012.

      Turkmenistan Invest 2012

      Dragon Oil's COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 4th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 15-17 October 2012.

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