Dragon Oil reports favourable business outlook

Dubai-based oil explorer Dragon Oil reported on Wednesday a sharp profit gain for 2007 and a favourable business outlook to support long-term growth and profit objectives.

Dragon Oil announced a 63 per cent gain in taxed profit for the year to $304 million (Dh1.11bn), on the back of an 84 per cent gain in revenue to $597m (Dh2.19bn).

Dragon Oil, with cash of $543m (Dh1.99bn) and no debt at year-end, said it plans to increase its production and reserves base through asset diversification and will execute its planned capital expenditure programme.

London and Dublin-listed Dragon Oil, majority owned by the government of the United Arab Emirates, has its principal development and production interests in the Caspian Sea, offshore Turkmenistan. (Reuters)