Secondary Recommendation

Dragon Oil

May 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.

Shares in Dragon Oil, a main write-up in TMI at 466p in March 2010 and again at 530p in February 2011, spent much of last year treading water but after very positive results they registered an all-time high of 609p on 4 April. Such improved sentiment may also reflect a note from broker, Nomura, which comments that based on its enterprise value / proven & probable reserves it stands at a whopping 85% discount to its peers and the broker has therefore slapped a target price of 755p and “blue sky” valuation of 930p. Dragon's main asset is a licence to produce oil & gas through its two fields, LAM and Zhdanov in the Cheleken Contract Area, a 950 km block situated up to 40 km offshore on the Eastern side of Turkmeni ...

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Nichols - Forecasts nudged higher

Zotefoams - Maker of foam blocks smashes forecasts, eyes promotion to Small Cap index

Dragon Oil - Net cash 36% of market value (March 2013)

Dragon Oil (December 2012)

Dragon Oil - Oil and gas producer eyes expansion to 100,000 bopd (September 2012)

Dragon Oil (July 2012)

Dragon Oil (June 2012)

Dragon Oil - Shares hit new high of 645p (April 2012)

Dragon Oil - Heavily oversold on D-I-R-T cheap PE (ex-cash) of 4.1 (January 2012)

Dragon Oil - Eyes production growth to 100,000 bopd by 2015 (December 2011)

Dragon Oil - Net cash 38% of market cap. (November 2011)

Dragon Oil - Output rises by a quarter (September 2011)

Dragon Oil - Production hits record 57,000 bopd (April 2011)

Dragon Oil - Monthly production hits new high (March 2011)

Dragon Oil - Very cheap oil producer on a PE of 6.5 (February 2011)

Dragon Oil (September 2010)

Dragon Oil - New marketing agreement (July 2010)

Dragon Oil (June 2010)

Dragon Oil - Actively seeking acquisitions (April 2010)

Dragon Oil - Shares bubbling up on hopes of commercialising gas assets (March 2010)

Dragon Oil - Receives 455p a share bid (December 2009)

Dragon Oil - Gain to date: 144% (July 2009)

Dragon Oil - New Year NAP showing gain of 56% (May 2009)

Dragon Oil - 28% increase in gross production (March 2009)

Dragon Oil - Aiming to become 40,000 barrel oil producer by 2010 (June 2006)

Dragon Oil - 3D survey to unlock exploration potential (September 2004)

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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