Dragon Oil raised profits in 2007, reflecting increased oil prices and production, and promised to grow daily output by 25 per cent each year until the end of 2009.
Pre-tax profit rose to $384 million from $233 million previously, while net profit grew 63 per cent to $304 million. Revenue increased 84 per cent to $597 million.
Production grew 44 per cent to 21,297 barrels per day from 15,115 barrels, while recoverable proven and probable reserves stood at 651 million barrels, of which the group's entitlement was 324 million barrels at end-2007. Contingent gross gas resources were around 3.4 trillion cubic feet.
Dragon Oil, which has oil and gas fields in Turkmenistan and Yemen, said it plans to spend $400 million on infrastructure renewal programme over the next two years.
"In 2008, we aim to capitalise on the successes of 2007 to boost Dragon Oil's growth potential and to drive the business forward," chairman and chief executive Hussain Sultan said.
The group said it plans to drill 8-10 wells a year over the next two years and commercialise the gas resources in the offshore Cheleken field in Turkmenistan. It has cash of $543 million and was debt-free at end-2007.