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Dragon Oil - Receives 455p a share bid

December 2009

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:
  • 432p
Shares in Dragon Oil, which had been strong anyway, have leapt sharply after controlling shareholder, Emirates National Oil Company (ENOC), announced a cash bid of 455p per share, effectively overshadowing what was a very strong trading update for the period from 1 July to 22 October. This noted a 9% increase in average daily production to 46,060 barrels of oil. Currently Dragon produces from 58 wells in 12 offshore platforms, with four new wells completed and on production since the beginning of the second half. Meanwhile, during the period it also sold 3.1m barrels oil, a sharp 121% increase over the previous year. Net cash, excluding US$114m set aside for abandonment and decommissioning activities, rose from US$784m to US$848m. ...

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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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