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.

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 !.

thought about it, but shall sit on my hands for the moment .... would certainly buy at 350

Bid has to be above 4.5 to go through.

ENOC have no need to pay more than they choose ..... it's a closed shop, and ENOC will quite happily walk away if, as far as they are concerned, the price demanded is too high

Theirs trading and theirs investing, how one chooses is personal.

I recently sold out Hawk for a 20%(30/36p) profit which was a little less than i had expected, but as it was for a short term gain i was happy,although it's now a lot higher it was never part of my investment portfolio.

As far as DGO is concerned, approx 335p was the 3rd June closing SP,so whats a modest return in these cercumstances,25% makes roughly 420P?

As ENOC know DGO (being 52% owners),why would they issue such a statement,
again their knowledge of this company is second to none.so just make an offer?

I believe its to flush out short termers and the weak before uping their offer.

I see little risk hanging on, but a possible 50%+(450p) upside. So for me i will hold and see how it pans out.

370p would be a snip in the corcumstances and should be snapped up?
aimho
cyril

It all depends on what you think is "a modest return" on a closing price of 338p.
25% would seem more than modest to me, particularly as ENOC are in command here.
Risky play at 370/380p imo.

really despair of ENOC what do they think we are...stupid?

They are trying to sneak our pension pot from right under our noses. This is the second time in living memory they have a stunt like this.

At least this time they have not totally trashed the price to try and grasp our shares into their grubby hands.

I think and hope they under-estimate the knowledge of the shareholders. I would be shocked if anyone sells out at a price remotely close to where we are now.

We should be topping up at this price not selling. I am also guessing that there will be a lot of holders out there who would be losing money at current prices, so there is no way they will be selling either.

cynic......i'm 130% up on this this year already......thats more than 1 dAY of holding a share though!

two days down, one day jump...

dgo hit 570p last year actually

most people jumping off a cliff in uk these days with bankrupty, house repossessed or huge debts / credit card bills thanks to g.brown

marni .... stop being so damn girlie! ..... ENOC can offer what they like, just as you can ask what you like for your house ..... at the end of the day, if there is no buyer for your house at the price you want, then you walk away ..... similarly with ENOC, though the decision will be made for you by the other major shareholders and not the pipsqueaks like you and i

Dubai government-owned Emirates National Oil Company (ENOC) said on Friday it was in takeover talks with explorer Dragon Oil but that it only planned to offer a "modest" premium to Dragon's share price before the approach.

"It (Enoc) 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," ENOC said in a statement.

ENOC already owns 52 percent of Dragon, according to Reuters data.

ENOC's London-listed shares closed at 3.38 pounds on June 3, valuing the company at over $2.5 billion.

"It sounds like an opportunistic bid from an insider," one hedge fund manager said,

"A fair price for the company would be in the region of 7 to 8 pounds," he added.

i am a girl so being girlie is natural......its like a man acting like a prat as thats natural to them, lol......not you cynic but generalisation

i had pretty much worked out that you wore knix - or not as the case may be!

anyway, back to the share in question ..... i shall certainly hang on to my remaining holding ..... however, i would not be inclined to (re)buy more at the current level of +/-380 as i feel the risk/reward ratio is not particularly good

i agree after seeing todays rns......i just feel enoc are screwing shareholders from big rewards over next couple of years