Dragon Oil plcs principal production and exploration interests are located in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan. The Cheleken Contract Area covers approximately 950 sq.kms and comprises two offshore oil and gas fields, Dzheitun (LAM) & Dzhygalybeg (Zhdanov), in water depths of 10 to 37 metres.

            Red = 25 day moving average.           Green = 200 day moving average.

Just bought back in,a piece from an offical Turkmenistan website which gave me the confidence to do so.

"Highly appreciating the companys activity Gurbanguly Berdimuhamedov noted with satisfaction that its expertise could set an example for many potential partners whose intense interest in co-operating with Turkmenistan increased after the results of the international audit had been officially presented."
cyril

ahoj; the reason that the SP is at this silly level, is due to a forced seller
Artio Global Management, who seems to be unloading above 120p? Not sure how many more he has to unload, but it could be as many as 30m which will be quite a drag in the short term.
But theirs news around the corner,with the Aug interim stating that well22/130
will be completed Oct and a second in Nov. So allow a little time for any snags
and we could have news next week, on top of this an update of the reserves was
promised by the end of the year.
I'm happy to have bought back in today and more than willing to wait for things to pan out.
cyril

Should be a good time to buy with oil stocks in the US in the ascendancy following market moving results from BP.

Over 4 million traded so far this am,with news around the corner regarding the
well 22/130, things looking positive. Once the forced seller has been cleared then
a re-rating to a more realistic value is a formality?
aimho
cyril

the chart below shows possibilities, but i would not trust these markets one little bit ..... apart from anything else, there are a lot of hedge funds that still need to unwind

Worth reading DGO on page 8.

http://www.davydirect.ie/content/articles/resource20081016

Above link not working? Goes on to say how DGO looks rediculously cheap at about $1/barrel of commercial reserves, normally somewhere in the region of $8.


cyril

It's just another broker site trying to make a quick buck...pump and dump.

Huh?

hlyeo98 you may be right, but the reserves and valuations are correct along with
good cash. Markets seems to be warming to them (up to 160p) at present and if
there wells which are due shortly prove successful, along with possible reserve
increase,then this will multi-bag,i will wait on drilling results before making any decision?
Perhaps the seller has finished and just maybe news has leaked of well result,
if so we could have production close to 45,000bopd filling the coffers even more?
cyril
?

Double post again.
cyril

179p + 12%
Looks like the market has woken up to DGO, i'd like to thank them for letting me in at such a bargain rate.
cyril

At the current price of 180p, I think it's the time to take profit if you are in it.
DGO will drop from here.

why?
the chart is actually quite promising, though i would certainly keep an eye on the next potential resistance at 200

If you look at the graph closely, it spikes at 420p, 270p and 195p below going lower. That's my opinion.

so that gives a further upside of about 30p or about 17.5% if you want to use that criteria

the rise has already occurred from 130p to current levels.

and your point is?

Artio global still dumping, now below 5%.
cyril

that so many hedge funds have to unwind their positions is what makes this market so damn difficult and volatile

will be good when they go out of business......that will take out volatility