AIM-listed oil explorer and producer Dragon Oil (LON:DGO) said delays in the mobilisation of new rigs will result in it being able to complete only 10 wells in 2013.
The Turkmenistan-focused firm said another two wells are to be spudded this year but will not be completed until early 2014.
As a result of the fewer wells to be completed, the firm said it expects to grow production at between 9 and 10% in 2013.
Dragon Oil, which is also exploring in Tunisia, Iraq and Afghanistan, added in a trading update that its average daily gross production increased by 7% in the third quarter to 30 September 2013 to 74,300 barrels of oil per day (bopd).
Dragon Oil’s chief executive officer (CEO), Dr Abdul Jaleel Al Khalifa, said he is positive on achieving future production targets.
"As we are receiving the jack-up and land rigs later this year and in 2014, we are positive that with up to five drilling rigs secured and operational for most of 2014 and 2015, we have more confidence in achieving our target of reaching 100,000 bopd in 2015,” Dr Al Khalifa commented.
Dragon Oil reiterated its guidance for a production growth rate of 10%-15% per annum on average over the 2014-15 period.
The company also said it has appointed Justin Crowley, a partner at accountants BDO International specialising in the oil and gas industry, as an independent non-executive director.