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.

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

not all hedge funds go short

Volatility can be a very good friend.

only for traders

As I've said, DGO falls back now 165p.

Cynic is right !...there must be people and hedge funds out there in terrible positions !...which means that they will sell into a little profit or a lesser big loss at any time...difficult to predict !.

Was that what you said or what Justyi said? You must get confused having to keep logging on and off :-)

now up to 167p and well up on the day......do u trade in 5 minute periods hyleo constantly staring at screens?

I'll still hang on as news is almost on us,and this is without doubt seriously undervalued.
cyril

wonder what hyleo predicts sp to be in 5 mins time

up again but he never appears on shares that go up......getting burnt

sp suddenly bolted 20p ...... was tempted to buy in about 14p lower, but dithered and was greedy - didn't like the spread ..... never mind

Dzheitune (Lam) 22/130 and A/131 wells on production

Highlights

Following initial testing from the short and long strings, development wells Dzheitune (Lam) 22/130 and A/131 have yielded rates of 2,057 and 4,621 barrels of oil per day ('bopd') respectively.

The CIS-1 rig will now be mobilised to the Dzheitune (Lam) 28 platform where it is expected to begin drilling development well Dzheitune (Lam) 28/B by the end of 2008.

The Iran Khazar rig will move to the Dzheitune (Lam) 21 platform to commence drilling development well Dzheitune (Lam) 21/132.

Dragon Oil's own recently re-furbished Rig 40 is in the process of being mobilised to the Dzheitune (Lam) 13 platform.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

'I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) 22/130 and A/131 development wells. Dragon Oil has now achieved its 2008 target to drill and complete eight wells and we are currently in line to reach our goal of an average daily production rate of 40,000 bopd for the year.'

Drilling Details

The Dzheitune (Lam) 22/130 well was drilled to a depth of 3,770 metres, with testing of the short and long strings resulting in production rates of 1,487 bopd and 570 bopd respectively (a total of 2,057 bopd). Further testing and optimisation is scheduled to take place by the end of the year.

The Dzheitune (Lam) A/131 well was drilled to a depth of 4,120 metres, with testing of the short and long strings resulting in production rates of 2,280 bopd and 2,341 bopd respectively (a total of 4,621 bopd). Further testing and optimisation is scheduled to take place by the end of the year.

Preparations are currently being made to move the CIS 1 rig to the recently refurbished Dzheitune (Lam) 28 platform where it is expected to begin drilling development well Dzheitune (Lam) 28/B by the end of the year. This is the first of seven additional development wells to be drilled from the Dzheitune (Lam) 28 platform.

cyril