Irish-listed exploration company Dragon Oil said it expects to drill 14-16 wells this year and around 20 wells in 2015, in a bid to meet its 100,000 barrels per day production target from next year.

“We continue our journey to achieve the 100,000 bopd production target in 2015, which will be maintained as a plateau from 2016,” Dragon Oil chief executive Abdul Jaleel Al Khalifa said.

The company saw a string of delays and well testing difficulties in 2013 which resulted in a lower-than-expected production rate.

It now forecasts an annual production growth rate at the lower end of 10-15 percent for 2014.

The company this morning said 2013 operating profit had declined 13 per cent to $687.7 million, while revenue fell 9 per cent at $1.1 billion.

Reuters