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Dragon Oil

June 2010

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:
  • 444p
In Q1, Dragon increased gross production 9% to 47,700 barrels oil per day (bopd), of which 50% comprises entitlement production compared with 65% last time. Lower entitlement reflects a higher average realised price of US$75 / barrel (up 75% year-on-year). Cash balance was US$1.1 bn.Earlier, Dragon announced it is renegotiating its oil marketing agreement with the National Iranian Oil company, following the expiration of a ten-year deal that previously accounted for 90% of its total sales. Until this is resolved it is obliged to sell its oil through its other export route out to the West, via Baku, although prices have traditionally been less favourable.While the fundamentals remain strong this issue is clearly weighing on ...

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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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