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.

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

Good call, cynic for selling at 400p. Well done.

372p now.

The bottom line is that if they want to takeover DGO : a bid into the upper 400 hundred's is a must....I don't know all the regulations on takeovers but convincing several big investors will not be easy..this is one hell of a producer !.

90% i think so 10% of existing 48% need to say no.

hedge fund manager says fair price of between 7 to 8 quid. obviously in years to come dgo will be higher than even this figure, my guess 10 to 12 quid

i am pretty sure DGO not under LSE rules, so 90% acceptance may well not apply

other than ENOC, the only shareholder with >3% is JP Morgan Asset M'ment @ 6.01%

For a takeover : looks undervalued !.

on fundamentals, its undervalued too.......its NAV is much higher too.

ENOC are taking the piss

NAV much higher than what?
What is their NAV?

marni, marni, marni ..... Rule #1 - an asset is worth only as much as someone else is prepared to pay for it ...... Rule #100 - an asset is worth only as much as someone else is prepared to pay for it

important RNS just out - see Newswatch

An indenpendent committee has been set up.

The Independent Committee accept s responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Independent Committee (who have taken all reasonable care to ensure such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Davy Corporate Finance, which is regulated in Ireland by the Financial Regulator, is acting for the Company and no-one else in relation to the Approach and will not be responsible to anyone other than the Company for providing advice in relation to the Approach.

Merrill Lynch International, which is regulated in the UK by the FSA , is acting for the Company and no-one else in relation to the Approach and will not be responsible to anyone other than the Company for providing advice in relation to the Approach.

cyril

Well DGO on sale below 350p,almost risk free to the offer(338p+),market conditions undoubtably to blame, but what a bargain?
cyril