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.

In addition, the Iran Khazar jack-up rig is currently on course to complete
initial testing of the development well Dzheitune (Lam) 28/134 by the end of May
2009.

So just 9 days to go for results from 134, if all goes well,probably 1st June which gives 4 days trading at most?

cyril

sp building a good head of steam .... if it can break 320, and arguably more importantly 340, then 400+ becomes next target

so far, so very good indeed ..... not sure whether this is just on the back of the general increase in crude or something more fundamental, but very welcome nevertheless (see cyril's post above, though no RNS yet)

a reasonably optimistic RNS, i guess ......

Drilling Update
Dzheitune (Lam) 28/134 well on production with an initial combined tested rate of 3,554 barrels of oil per day ('bopd')

oday announces the successful completion and initial testing of the Dzheitune (Lam) 28/134 development well that was drilled to a depth of 3,280 metres. Initial testing of the long and short strings resulted in production rates of 2,685 bopd and 869 bopd, respectively, with further testing and optimisation scheduled to take place over the coming weeks. The Dzheitune (Lam) 28/134 development well is the second well to be completed from the refurbished Dzheitune (Lam) 28 platform.

The Iran Khazar jack-up rig has now skidded to spud the Dzheitune (Lam) 28/136 development well. The platform-based Rig 40 is currently drilling the Dzheitune (Lam) 13/135 development well.

CEO commented:
'I am pleased to announce the successful completion and initial testing of the Dzheitune (Lam) 28/134 development well using the Iran Khazar jack-up rig. While the current production rate is approximately 43,500 bopd due to the slow start to the drilling programme this year; we, nevertheless, remain focussed on meeting our annual production growth forecast for 2009.'

Statement regarding a preliminary approach
Dragon Oil plc announces that it has received an approach in relation to a possible offer for the Company ..... A further announcement will be made as appropriate.


is this the counter-party to HOIL or something completely different i wonder?

just cashed in 40% at 405 for a very tasty profit indeed ...... shall now watch and wait, as for sure the sp will whizz around all over the place

just when dragon is starting to go higher.........someone wants these cheap.......in long term these will go to 10 quid

so what? .... that's like saying RKH will be worth a fortune if you live long enough, so buy now

no, dgo are producing and will increase production.....also europe will be using gas soon instead of via russia.....big implications and good news for dgo

in 2 years i would say up to 12 pounds

i dont mind waiting 2 years unlike you. you are always in a rush buying and selling

i knew a guy bragging doubling hos money in a month but only 3k, turned out company went up 24 times! he said 3 years later its most stupid thing he ever did selling it...........why sell a great asset when its severely undervalued

thats like selling ronaldo for 200,000

hindsight is great but very selective .... how many times have you been too greedy and watched a healthy profit turn into a thumping loss? .... never ever forget that you can't go broke banking a profit

only once a healthy profilt going to break even......i've bought plenty that just tank, lol.

as i say, i've done better by holding shares over a few years

The thing is with playing the stockmarket is that in your mind ; you must have a plan short term or long term....playing it short term is fine but you have to have the time to watch the markets all the time or adopt a longer term view...I mix the two together depending on the kind of stock....anyway coming back to DGO....like Cynic says : is this the opposite number to HOIL ?.....loads of action at the moment with one or the other at the moment !.

the trouble with modern world is everyone expects lots of money NOW!! it doesnt happen like that unless u r very lucky. warren buffett says if you make 18% a year then you are doing very well.........never mind, he is only the most successful person ever on the stock market........and he aint on this website!!

seen on advfn predictions of between 7 to 8 quid.........still too cheap IMHO.

read on another site today that someone lost 15k as he sold his shares too early as they had risen somewhat, lol. the muppet probably sold for about 2k profit or something pathetic

i meant he sold shares and made a small profit but if he held now he would have additional 15k

as for me, in this instance, you will note i banked a very healthy profit on 40% of holding and remain with the balance ...... anyway, all rather irrelevant.

latest RNS shows that the potential bidder is ENOC who already holds 52% ..... it is currently considering an offer price that would represent a modest premium to Dragon Oil plc's closing share price as of 3 June 2009 (i.e. 340) ...... the logic for ENOC is that Dubai has no oil of its own.

so, while ENOC is obviously not showing its true hand at the moment, a fancy price of 8/10 is unlikely to be on the cards ...... there will also be a time element which will give sp a discount to any (accepted) offer .... on the other hand, any deal struck should be completed within minimum time and fuss as due diligence should be pretty cursory.

as a guide to a possible bid price, the all time high of 550 was hit last year ...... and don't forget, ENOC does not have to buy out the balance of the shares and can also thwart any outsider

by the way, my sale at 405 does not currently look so dumb, does it!

No, but it might be time to buy back and make another buck !.