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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.