Dublin-listed oil and gas producer Dragon Oil said today the Cheleken exploration field in Turkmenistan contains proved and probable reserves of 645 million barrels of oil and condensate.
A full-field remapping also show 3.2 trillion cubic feet of gas resources, the company said in a statement.
“The result confirms our previous interpretation of the field and we can now continue to proceed confidently with the field development plan,” chief executive officer Abdul Jaleel Al Khalifa said.
In a note to investors NCB Stockbrokers said while the “figures do not materially increase reserve assessments, there are qualitatively stronger in that they provide confirmation on more rigorous analysis”.
Last month Dragon said it had accumulated €670 million ($867 million) in cash to fund investments and possible acquisitions this year.
