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.

Not sure now as to which way to vote ?.....might just abstain.

not a big risk as have stop at 420

suddenly looking rather a good call of mine as sp dumps 30+ ..... nothing on reuters yet, but a lot of institutional activity, though it is unclear from those notices whether they are buys or sells

there is now ..... t/o fails

11 Dec 2009 - 14:43
LONDON, Dec 11 (Reuters) - Dragon Oil PLC : * offer from emirates national oil co not passed by requisite majority * Resolution was passed by in excess of 50% of shareholders, not also passed by 75% as required * The acquisition will not take place * London shares drop 7 percent

profit taken at 370.75 .... missed a few pennies but care not.
now to work out at what level and when, if at all, one should buy back in

and your prediction now is...... wait and buy or stay out?

you beat me to it...lol

ROTFL!
think about this, but do nothing for the moment ......
a week or so ago, ENOC said they would not consider selling until end (i think) 2011.
de facto, they admit they were in it for a relatively short ride and profit anyway.

dubai is bankrupt, and bankrolled to stay afloat by abu dhabi
ad have already said they may force the sale of certain dubai assets.
initial focus was on the likes of nakheel (property) and perhaps even JAFZ (free zone + ind park)

however, it might be argued that ad would not be averse to bolstering its own oil reserves by forcing a sale of ENOC with ad itself being the buyer - at arm's length of course!!

massive volume today >18m, but as sp now pretty solid at +/-378, implication is that spare stock is being hoovered up

ok boss!!

perhaps rashly, bought back in at 378.25 on the basis of previous post and that bids look to outnumber offers by about 5:2 and have done for the last hour or so

Hang on... you sold at 370 and now bought back at 378.... makes me wonder what sort of dealer you are.....thats not what i call a profit

went short at 394 you dozo!
closed that at 370.75 etc etc

ok shorty

How low is the sp going?

all things considered, it has held up very well, which makes me wonder whether a 3rd party is stake-building

cynic currently heading towards 340p (50 day) where it was about a year ago.

are you sure you're looking at the right chart/stock?
by my reckoning, sp fell through 25+50 dma at about 410 so could arguably drop back to 200 dma at 330
a year ago, DGO was about 160

cynic you are quite right may have to revise downwards even more.

Not a stock I hold, but just for interest, broker note from Evolution 14.12.09:
"With the bid rejected and ENOC giving undertakings not to sell its stake for at least 24 months, Dragons share price will revert to a play on the oil price. Not feeling bullish on this, we believe that Dragons share price is likely to drift in the near term. There are positives though, such as putting the large cash balance (c.$1bn) to work or monetizing the gas resources. However, we believe acquisition DD has taken a back seat during the offer period and gas monetization is progressing slower than anticipated.
DETAILS Despite being recommended by the Independent Committee, ENOCs offer was accepted by only 48.9% by value of shareholders, below the 75% requirement for the bid to be binding.
VALUATION AND RECOMMENDATION In the short term, we see few catalysts for Dragons shares to reach the levels seen during the bid period. Therefore we switch our recommendation to Reduce. Our new target price of 350p is 12% below Dragons core value of 400p and 24% below the core + risked NAV of 459p."