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Dragon Oil - New Year NAP showing gain of 56%

May 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:
  • 234p
Shares in Dragon Oil have soared to a high of 244p, nicely ahead of the 150p at which we made them a New Year Nap, in response to strong final results, which were around 10% ahead of forecasts. The news that it will move its primary listing to the Full List, which is likely to increase liquidity in the shares, has also done it no harm. In FY08 Dragon increased operating profit 30% to US$474m on revenues that rose 18% to US$706m. Eps increased 21% to 71.8 cents while net cash soared 60% to US$876m. The business is powered by its oilfield assets in the Cheleken Contract Area, with the average daily rate of production increasing from almost 32,000 barrels oil per day to nearly 41,000 while output increased to 45,000 bopd at th ...

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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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