Dragon Oil cuts 2014 production growth forecast on drilling delays

London-listed oil and gas company Dragon Oil (DRAGY) cut its 2014 production growth rate to 10 percent on Tuesday on the back of delays to its drilling program in Turkmenistan.

The explorer said its output will rise around 10 percent this year, down from an estimated lower end of 10-15 percent announced in February.

"Due to the delayed start or anticipated later start of drilling by the rigs on site or arriving to the Cheleken Contract Area later this year, we now anticipate that the production growth in 2014 will be around 10 percent," the company said in a statement.

Dragon Oil's average production rate in March was 73,400 barrels of oil per day (bopd). The company wants to produce 100,000 bopd from next year.

Reporting by Karolin Schaps