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Dragon Oil - Production hits record 57,000 bopd

April 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DGO
  • Price:
  • 537p
Final results were impressive as expected, with operating profit up 55% to US$488m and eps rising 49% to 74.9 cents. The cash mountain grew by 17% to US$1.33bn. There was a pleasing maiden dividend of 14 cents a share. Growth came through a 5% rise in average production to 47,211 barrels oil per day (bopd) and an increase in average prices from US$61.6 to US$72.3 a barrel, a 9% discount to Brent. Recently completed infrastructure upgrades helped production finish the year at a record 57,013 bopd and with plans to complete up to 11 wells this year and up to 40 (including 5 appraisal wells) between 2011-2013, annual production should grow 10-15% for the next three years. Management have reiterated their desire to deploy some ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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