Updates

Dragon Oil

September 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Results for the first half to 30 June were lackluster and the two key catalysts to ignite the shares in the short term (a large acquisition or news on gas monetisation) remain elusive.Overall production offshore Turkmenistan was 15% higher at 73,600 bopd following six development wells now in production but this was offset by a lower average realised crude oil price of US$86 a barrel (down 16%) and a discount of approximately 16% to Brent. Sales therefore emerged down 16% to US$492m, pretax profit down 22% US$414.4m with eps down 19% to 49 cents. Net cash was US$1.65bn.Dragon's aim is to put a further 6 wells into production by the year-end so as to hit its annual gross production targets of 10%-15% although it says that th ...

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Dragon Oil - Cash pile climbs to US$1.67bn despite buybacks (September 2012)

Dragon Oil - Partner in consortium to develop Iraq (August 2012)

Dragon Oil - Cash pile goes over £2 a share (June 2012)

Dragon Oil - Abandons bid for Bowleven (March 2012)

Dragon Oil - Cash pile continues to balloon (February 2012)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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