Just cannot understand recent SP volatility!

As a Dana shareholder I find it difficult to
find any reason to sell, even at current price. The Company has recently
entered a number of agreements which will have
considerable benefits:-

1. Reserves from 31st December 2003 of 123.7 mmboe
must now be in the region of 200.0 mmboe.( 100 million
North Sea 70 million Mauritana 30 million Russia ).

2. Production will rise to 25-27 thousand boepd in
2005 from 18 thousand in 2004.

3. At 30th June 2004 a Net cash position which will
have been enhanced significantly year to date.

4. Exciting exploration potential.

5. Management that seem to know what they are doing
with an excellent chief executive.

6. Recent deals by other oil companies have seen oil
assets bought at prices between 7-11 dollars a barrel
( see last weeks Investors Chronicle ) Dana must have
a value well in excess of the current 300 million.

I am holding firm and looking towards 800 pence.

Any other views out there?

no, should have bought in this morning but was still in bed :-(

have updated the chart for you (post 291).
imo, not too much margin between today's sp and potential resistance on 25 dma

Fundy,

Hope you are well, not having met since your move to more temperate climes.

I am close to opening a new long position here and think your 900p support, whilst valid may be unduly pessimistic. I am not a student of P&F - think you must have picked up that nasty habit in the land where it always rains - so can't comment specifically on that but I do see conventional TA support just above 10 quid.

I am not a knife-catcher either, so will wait for the trend break. However I do think the price is way under fair value and the correction should be an enjoyable ride.

Hope you cleaned up on the Australian cricket.

Edward

Edward

long time no speak indeed

wouldnt disagree re the support above 10 though have to admit to being a touch concerned that the SP has struggled to follow the Oil Price up the last few weeks

yes the 900p may be pessimistic and like you waiting for a turn in the chart before buying back in

as for being in the land where it always rains - was long FCD from 230ish with a P&F target of 306. Didnt close when that was broken last week and woke up to find it in the 260s this am :-(

as for the cricket, yes its been very profitable of late even if i have had to sacrifice my body clock, bring on the world cup - i cant wait :-)

Sorry you got caught by FCD. Don't much like the markets generally at the moment. Sports much more tradable :-)

DNX giving 10 a hard testing atm. Your P&F target of 9 looking more credible now.

FCD my own fault for getting greedy :-(

Like you, finding the markets very very difficult of late, yep the sports are far more tradeable :-) Like many i guess at the moment my gut feel is to be bearish the general market yet the charts clearly show were still in a strong uptrend

DNX seems to be finding it easier to follow the oil price down than it is to follow it up at the moment, really would be nice to hear an operational update from the company

Well Dana finally gave us an operational update but no real surprises or any new info.

2006 production at 22300 boepd slightly lower than would have been hoped for earlier in the year but year end production of 30,000 boepd encouraging. 2007 expected to be between 31,000 and 34,000 boepd and still on track to achieve 40,000 boepd by end of 2007

cash flow still positive with cash in hand of 110M and still completely unhedged to the oil price


Possibly of more interest currently is that Schroeders appear to be stake building, having taken there stake above 15% now

Merrill Lynch reiterated its buy stance and target price of 1550p earlier and the Chronic Investor reckons the current price is too high (no change there then!!!)

SP very strong and out of line with the other mid cap E&P cos today, currently up 5% on decent volume

Todays RNS appears to be a good peice of business for DNX . What with the fields yield in excess of 11,000 bbpdoe it wont take very long for the considerstion DNX paid to be returned manyfold . l suspect will fly today as this news is the very thing the market likes in an oil junior -increased reserves !!! Must put s/p up by at least 5-7% depending how much is already factored into current s/p which appears upon scrutiny of recent trading to have been already half done. @+ J

A new low whats happened to DANA.

Driver, The company says the fundamentals have not changed. The Norwegian deal is on track and so is the drilling of the Grouse field (Venture is the Operator) I hold with the expectation of a positive news flow over the next few months. At the AGM on 25th July it was pointed out that the recent deals in Norway and Egypt are a step change for the company about which they are excited. The company does not court the City or analysts as some other oil explorers do. Merrill Lynch has a "Buy" rating and 16.00 price objective in a note dated 13th June.

I see this breaking higher finally. It's been a lacklustre couple of years but now I think that will change and we're due a period of catch up.

I am guessing 1800p Greyhound.

Not beyond the realms of possibility of a takeover target too.

Up 70p in a day just great .

Broken all time highs, clear of 14 and we're off...

Agreed once we have cleared 1400p its all the way to 1600p plus.
And the ironical thing is that w are only 15% up on the year..!

Granby Oil and Gas increase interest in appraisal Monkwell gas field

another up day today.. nice.

Nicely breaking into new territory now. Fun times ahead.