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.

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."

Oil will start to rise again and most oil stocks sp's will take off.....and this time perhaps a lot sharper....patience....

sold mine yesterday at a minimal loss .... there are far better bets at the moment - e.g. PMO which now looks badly oversold (undervalued) to me, though I already have enough

cynic is this a 10% short?

down to 350? ..... possibly though it's quite brave in a recovering market .... however, i don't see a good reason to buy DGO either ..... one could even argue that notwithstanding the underlying NAV, south is almost certainly the direction for a good while yet, as there is an ultimate standoff with ENOC, especially now that Uncle AD has bailed out the naughty nephew

Why the share holders voted no?

oy weh!
because they felt (correctly) that ENOC was paying significantly under true underlying and prospective value

After hours rns.....another good flow to add to existing production.....watch the rise in the sp in early 2010...5 at some stage...next year !.

Ho ho ho....and what av ve got fur yoou ?.....a new year serious breakout that makes the big escape look like an amateur job !.

the nigger in the woodpile will always be ENOC's 52% holding, so not sure that others - e.g. PMO and (upgrades today) DNX or CNE, or even TLW at this slightly late stage - are not a better investment

We are being spoilt for rises at the moment....even certain small caps (mining, oil, and a few tech stocks)....are rocketing but I think that this is heading for 5 this year, not sure about the timetable but it is looking good, don't forget that this is in the 400p area and TLW is 3 times this (I also hold) so for every 1p here is equivalent to 3p there in rise or drop...all in all : market on a steady rise.

6-8 by end next year, imo

You might be right ahoj....another nice surge...

One of today's rare successes, the sp should carry on rising throughout 2010....what makes me think that they will make an acquisition at some time during 2010 ? : the large cash pile perhaps........

Dear old dragon is holding up quite well here...

required field - probably fatal but I do like this company, could it be the next Petrofac? time will tell, probably not the best time right now to stick your neck out though eh ?

Considered taking a position in DGO earlier today, but regrettably decided against, chart looks nice but at 50pp, the trade was going to tie up a little more margin than I was prepared to set aside for what will inevitably be a longer term trade.

Gutted I didn't follow my instincts on this one, up 20p ish since I posted previously :(

Above offer levels now...500p here we come (in time)...