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.

Here's the passage whuch covers the issue.

Corporate restructuring

On 27 March 2009, the Board of Dragon Oil plc announced the proposed restructuring of the Company by means of a scheme of arrangement by putting in place a Bermuda-incorporated company as the new ultimate holding company of the Group. Following the restructuring, the Company was planning to apply for a primary listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange. In light of the approach received from ENOC, the corporate restructuring has been put on hold.
cyril

and so?
doesn't sound anything especially untoward to me ..... many companies have their h/q off-shore

Ambrian have raised there price target on Dragon to 424p

LONDON (Dow Jones)--Small oil producer Dragon Oil PLC (DGO) Tuesday said its first-half oil production fell short of its expectations, sending its shares lower.

In an operations review, the company said its crude output averaged about 42,800 barrels a day in the first half of 2009. That was up about 11% versus the year-ago period but below Dragon's original expectations due to changes in its drilling program and operational issues.

Dragon said it had formed a committee to evaluate a takeover offer from Emirates National Oil Co. "should one be forthcoming" and reiterated that Emirates' approach was still in the early stages. Emirates already owns about 52% of Dragon.

Dragon, with operations focused in Turkmenistan and Yemen, disclosed June 4 that it was approached with a possible offer for the company.

Some analysts are still upbeat about Dragon's prospects going forward, citing the company's commitment to stick to a target of achieving up to 15% growth in annual crude production from 2009-2011 and Dragon's healthy cash position.

Ambrian analyst Werner Riding retained his "buy" recommendation on Dragon and raised his price target on the company's stock to 424 pence from 377 pence. Dragon shares traded Tuesday down about 2% at 318.75 pence at around 0830 GMT on the London Stock Exchange.

http://online.wsj.com/article/BT-CO-20090721-702882.html
cyril

The point being if they listed on the LSE it would require 90% to achieve a takeover. By not doing so they have "not" looked after the interests of the pi, therefore failing in their duty to them.
cyril

DGO have NOT delisted from LSE .... as far as i can see, they have just decided not to go down the route that would (might) take them there, which is scarcely scurrilous ..... indeed, as they say, it's a pretty pointless exercise anyway when they are already in discussions with ENOC ...... frankly, i shall be more than happy just to have made a decent profit - which is of course the whole point of buying and selling shares

Well check out CHL,independent reserve update this week, promised?
You need to be quick,expecting 10%+?
aimho
cyril

Surprised this was missed,another well to tested shortly too.

Drilling Update


Dzheitune (Lam) 28/136 well on production with an initial combined tested rate
of 3,291 barrels of oil per day ("bopd")


Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and
production company, today announces the successful completion and initial
testing of the Dzheitune (Lam) 28/136 development well that was drilled to a
depth of 3,075 metres. Initial testing of the long and short strings resulted in
production rates of 1,841 bopd and 1,450 bopd, respectively, with further
testing and optimisation scheduled to take place over the coming weeks. The
Dzheitune (Lam) 28/136 development well is the third well to be completed from
the refurbished Dzheitune (Lam) 28 platform.


The Iran Khazar jack-up rig has now skidded to slot 1 on Platform 28 where it
has spudded the Dzheitune (Lam) 28/137 development well.


The platform-based Rig 40 is completing the Dzheitune (Lam) 13/135 development
well with testing expected to be finalized within the next few days.


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


"I am pleased to report that the Dzheitune (Lam) 28/136 development well was
completed successfully and on schedule. We are due to announce the test results
of the development well Dzheitune (Lam) 13/135 shortly. We remain committed to
ensuring good progress of the drilling programme to meet our annual production
growth targets for 2009-2011."


- end -
cyril

The dragon izzz creeping upp !.

not in last 3 months it aint......in fact its fallen from 4 quid

It's starting to climb again.

microscopically! ..... it's big target is to break 400, being the all time high ...... It may not get there for a very long time, as the support is primarily coming from the mooted bid from ENOC as money and table are currently dysfunctional

all time high just north of 550p in mid 2008.

thanks halifax ..... i missed that and i can't see any bid being put on the table at anything more than say 425 (no logic; just gut feel)

it was 570p high

pernickety!

oil heading up to mid 70s.........but dgo up about 3 or 4p since corrupt enoc came up with proposed approach.....or is that offer.
this company stinks but what else do u expect.......hey the takeover panel is from ireland just to make things worse

oh for goodness sake, what is it with you guys????
"corrupt ENOC" ...... marni - you talk such a load of utter shit!
ENOC =dubai gov't and they choose to own 52% of DGO.
there is nothing remotely untoward in offering what they see fit for the balance.

nothing to stop you selling out and perhaps buying into a class act like RPT!

This, to me is a great producer.....and the sp in time will just climb bit by bit...

20 years to reach 3.50 perhaps

marni - fuck off and buy some shares for a change ...... i shall be more than happy if ENOC eventually offer +/-4.00