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.

A brave person to short these now,naybe at 4? Since the offer of 338p+ a
modest premium on the 5th June, they will have produced something approaching 1.5mbu,with poo in the region of $65/70 a gross figure of $100m will shortly be passed.
Not sure what games are being played but i'm hanging on to mine until i can find out,all in all it should be a racing cert but these are funny times.
cyril

is this a potential cup and handle with a spot the difference? or not? as always dyor.
regards
jkd

DGO has further tumbled today. 310p

DGO has further tumbled today. 310p

very dull ..... perhaps the potential bid has been withdrawn or may just be weak holders being forced out

How much do you think the majority shareholders would be prepared to pay to mop up the minority interest?

The fall is going to be very steep.

i think they already suggested 370-400

cynic haven't seen RNS with any offer yet?

i don't think the offer was formal ..... it was from memory when the potential offer was said to be at a small premium to sp pertaining on date x

RNS dated 4th june merely states that the Board had received an approach in relation to a possible offer, the approach is of a preliminary nature and no certainty any offer will be made or as to the terms of any such should one be forthcoming.
RNS of 9th june states the Board had formed an independent committee to evaluate the approach by ENOC in relation to a possible offer.
Nowhere is a possible amount mentioned.
We hope the minority shareholders don't get screwed.

i thought ENOC (or DGO) mentioned the modest premium ..... i know i did not make it up

as for getting screwed, it's a subjective opinion as to what 48% of the company might be worth

Probably press speculation.
Merrill Lynch International are advising the Board on a possible offer........wow!

at least it's neither Lehman nor Madoff

How long does it take directors and their no doubt highly paid advisors to work out whether or not an offer from ENOC is acceptable or not? A month has pased since they set up a special committee to consider an offer, don't they know how much to accept?

you and i may be in a hurry to conclude a deal, but the m/e mind certainly does not work that way ..... in particular, ENOC can afford to play hardball as they already own 52%

cynic that's what worries us with the oil price falling and political tensions in the region beginning to "bubble" again.Minority shareholders are pretty defenceless in these sort of situations, institutional investors may "save the day".

there's only one institutional investor to worry about, and that's ENOC ...... while ENOC are under no obligation to offer what they regard as silly money, the directors and other shareholders are under no obligation to accept what may or may not be put on the table

ENOC has already formulated its stategy otherwise it would not be trying to buy out minority shareholders, they may well be looking to sell the whole business in due course.

hard to know, but there will be strong cultural affinity between dubai and turkmenistan, the latter being notoriously xenophobic