Better earnings for Dragon Oil Plc despite oil price drop

By Juzel L. Danganan

MANILA, April 16 (PNA) — It seems not every oil exploration company is losing to the oil price drop, as Dragon Oil Plc., which has a 40 percent stake in the Northwest Palawan oil fields, has reported better earnings per share at USD 36 cents than 2013’s USD 33 cents.

”The Board of Directors of Dragon Oil recommends the payment of a final dividend of 16 US cents per share (2013: 18 US cents). Together with the interim dividend of 20 US cents, the total dividend for the year as of end 31 December 2014 was 36 US cents,” Dragon Oil said at the London Stock Exchange Wednesday.

Still dependent on the shareholders, Dragon Oil stressed the 16 cents dividend has to be approved during its Annual General Meeting in London on April 27.

If approved, shareholders could claim their second earnings for 2014 by April 30, at USD 16 cents.

The company noted it has given shareholders the option of claiming their earnings in USD, Euro or Pound Sterling.

Dragon Oil has yet to earn its share from drilling in the Philippines, since the consortium has not produced any oil so far, abandoning an oil well in Service Contract 63.

Meanwhile, the company also has exploration projects in Tunisia, Iraq, Algeria, Afghanistan and Egypt.

Dragon Oil is initially owned by the Dubai Government, holding 54 percent of the company’s shares. (PNA)