Dragon spreads its search as rising oil prices boost profits

Soaring oil prices helped Dragon Oil enjoy a 49% rise in profit to $386.1 million last year, and the Turkmenistan-focused explorer said that it had spread its search for new assets to include West Africa and Asia as well as the Middle East.

"We're looking very diligently to West Africa. We're looking at offshore and onshore," said chief executive Abdul Jaleel Al Khalifa.

"We're working harder and harder this year than before and we hope that we can achieve something within 2011."

He said there was no upper budget limit for the acquisition, adding: "You can easily think of half a billion [US dollars] from our balance sheet plus some financial arrangements you can get from outside."

Last year, Dragon's rate of production rose by 5.5% to 47,211 barrels of oil per day.

Dragon announced a maiden dividend of 14 cents.