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?

Hi Greyhound, Mitzy: I'm sure I read something about a poss bid - but I guess there's always that in the background. Just can't find where I saw it though, sorry.

Found it:

From The Times, 14October:

"Burren has so far rejected Enis bid, but its future as an independent will probably be over if a counter-bidder or higher offer emerges. Other companies must be on bid alert, including Premier Oil, which received a takeover approach almost a year ago. The pick of the bunch are probably Dana, Soco and Tullow. The bidding battles will be fierce, and it is time to buy in."

Oil Sector set for new spate of takeovers

Nothing Toya thats the strange part.

Mitzy: see above - must have been posting at the same time. Nothing new as such, but does specifically mention Dana Petr and others

I remember they buy Dana and Soco and Venture as well.
I buy VPC 2 years ago and the share price is flat unlike Dana.

Thanks Toya, I do recall reading that. Definite potential there on the bid front too.

Very odd looking at the intraday charts for both DNX and PMO - mirror images!

I might have mentioned a while back that I think they are worth 1800p a share.

At least 1500p anyway..!

Meanwhile Venture productions is looking very cheap.

Mitzy - we all dream :)

Aye thats true.

Looking cheap and oversold again following Cazenove's "in-line" markdown.

Incredible all oil majors are down and yet the poo is increasing towards $95.

production levels of 50000 barrels per day next year all going to plan.

That's good news this morning, with an oil find at Kerloch Well in North Sea. Onwards in 2008.

The Kerloch news last week is certainly helping the sp.

All oils racing ahead today including Tullow and Dana.

Thats quiet an impressive break out can see 1500p very soon if this and 1800p in a couple of month.

Nice to see another good move higher indeed. More in the coming months imo.

Its catch up time Greyhound and about time too.

Has been tipped again today that usually puts 30% on by the next 3 months..