Dana Petroleum Share Discussion Threads

[volsung] 27/9/2010 10:29

Geothermal energy is the future

[slogsweep] 27/9/2010 09:00

Has the offer gone unconditinal then ?

[emptyend] 25/9/2010 11:19

Churchill,
Have you anything in Faroe or has the price moved away to far to consider a purchase.
No I haven't. It is an AIM stock, so that is points against it for me as an ISA investor.
It is on my watchlist for possible purchase in the event of some serious disappointment. I'm not inclined to rush at present levels (though if I'd been in from, say, 120p I'd be happy to run it).

[colsmith] 25/9/2010 11:06

madskt - agree this guy is either not aware of the impending oil demand, and price uplift, (looking at a 5 - 10 year window) or there is another reaon he or his company have made cash out of the deal.

For all the huffing and puffing about alternative energy taking stuff out of the ground is really free energy on a huge scale needing either replacement by massive solar grids (covering areas like the UK) or dams across esturies (where are the numner of 7 river barrages to replace the UK oil use?). Other possibilties are fraught with issues - nuclear: unless fusion is cracked there isn't the amount of uranium and wind is only effective when it blows and then with a limted speed window (above 15 and below around 35). Anyhow wind would require massive grids - the recent Kent 100 turbine only powers a couple of hundred thousand houses at best - how many needed to power the UK house and industry - North Atlantic?

No guys oil will decline on a rising sales curve - its cheap energy and practically able to power the world, well until it gone. So as it declines or is harder to get out (why look in the sea if its so easy?) the price will rise. The asute investor (just like KNOC) realise this.

Of course there is another possibilty affecting energy deamd - the world population will halve by 2050 instead of doubling - with all those comfy beds I doubt this is likely.

Have a nice day - I made something out of DANA having held for around 10 years but thought this could have been 20 or 30 bagger.

[madskt] 25/9/2010 09:28

don't give it a rest EJ - absolutely valid to look at this guys track record.
Him & his cronies have sold out Dana, undermining their position from the outset.

[phillis] 24/9/2010 23:01

Give it a rest EJ!

[edmondj] 24/9/2010 21:09

Buxton appears to be attracting more critical remarks (see link to full article etc), he prefers Taylor Wimpey etc to Dana, hmm:

"Its all balderdash - Head of Schroder Equities !! -

my dear old dad told me about racing tipsters 'if he knew what was going to win he would certainly not be telling you' - if Mr. B knew he would make a fortune and would not need to tell us - "

More seriously, will he get left behind by an autumn rally, like any of us could?

Article extracts:

'Given that equities are at very attractive valuations, I would expect the FTSE to gain 20% in 2011.'

For now though, Buxton is comfortable with his portfolio and admits to have not made many changes in recent weeks beyond adding slightly to the consumer cyclicals he believes are being priced down on double dip worries, but which he expects to outperform if and when conditions improve.

He admits that his move into certain sentiment–hit consumer stocks such as house builder Taylor Wimpey and retailer Debenhams has hurt short term performance but is confident that these holdings will perform well over the course of the next two years.

Buxton took profits from his long term holding in Dana Petroleum ahead of the unconditional offer from Korean KNOC. He expects to sell the remaining stake as the deal proceeds but is sitting tight on the cash waiting for market dips.

Consumer cyclicals tipped to outperform
'I am currently waiting to reinvest on market weakness and the things I will add to will be my long term 'growth in a sluggish environment' stocks such as Burberry, Rolls Royce, Experian and Autonomy.'

He admits: 'I was early into Taylor Wimpey and Debenhams but over a two to three year view the feel good Olympic factor and the fact that we will be through the worst of the public spending cuts, means I expect them to do well. These stocks are on a discount of at least another 15% off [current] prices.'

Along with holdings such as Home Retail Group where Buxton says 'Argos is not a busted flush' and Next, Buxton points out that 'these areas are still lagging and have deferred performance but with the banks as the growth engines, I expect them to be good performers over the next two years.'

Buxton is also tipping his holdings in the three biggest miners, Xstrata, Rios and BHP Billiton to start to do better after a year of underperformance and is confident that the £100 million he invested in Nat Rothschild's VALLAR mining acquisition vehicle is a strong long term holding.

'I bought Vallar on a five year view. It is a Clive Cowdery-style acquisition vehicle that will eventually benfit as the mining giants offload some of their smaller operations. At the moment it has £700 milllion in cash but it will start to pick up bargains.'

'No need' for UK banks to raise new capital
He is still 'very happy' to hold the banks, and Lloyds remains his largest fund position.

'Lloyds had very good interims and improved its debt and margins. They have also been helped by Basel III being watered down and there is absolutely no need for UK banks to raise additional capital.

Last year our analysts predicted Lloyds could make 15% return on equity (ROE) this year and they were right. Two years down the line I expect the banks to be buying back their government stakes. The rights issue was at 50p, it is already up to 78p and I expect it to go north of £1.'


Full article:

[churchill2] 24/9/2010 20:27

Hi ee

Have you anything in Faroe or has the price moved away to far to consider a purchase.

I just cannot see the Koreans stopping long as it looks too small and fiddly for them.

[bigbertie] 24/9/2010 20:09

Perhaps Tom is already plotting his next venture with funding of £1million......... I might invest!

[emptyend] 24/9/2010 18:38

Thanks for your wisdom - but I moved my pension into cash and bonds 3 years ago now with the FTSE at 6700.....and haven't regretted it. I also have a modest amount in Swiss Francs.....

[tomfoolishly2] 24/9/2010 18:20

Ah .. but which paper currency do you want to keep your powder dry in?

Storms are a brewin' with competitive paper currency devaluations and central bank shenanigans, and the Fed in particular will be "free" to change tack once they no longer need to keep an eye on short term political considerations (the November elections).

So is it actually "safe" to be holding onto a lot of cash for an extended period? Maybe so .. but patience is relative to where you choose to keep your store of wealth, moving into cash requires careful conscious consideration and thought also! (i.e. what's to say that the dollar and pound aren't currently "overvalued" also!)

[emptyend] 24/9/2010 15:43

Where next?? My dad was always fond of the saying "act in haste and you'll repent at leisure"......and I intend to follow his advice:
I've got a few other positions that I'm very comfortable with - but most of the rest of the sector seems to have gotten unreasonably expensive very quickly indeed. Yes, some have made good finds - but there is a vast amount of hot air....so I will be biding my time and paying attention to the laggards in due course.

[emptyend] 24/9/2010 15:40

pic_n_mix.......within 14 days, according to KNOC's statement this morning (under "settlement")

[dougdig] 24/9/2010 14:48

Shame at this price - but as Dana Board have just capitulated I can hear all sorts of arias now.
Time to go...thanks chaps for an interesting thread ....especial thanks to you EdmondJ...so where next?

[pic_n_mix] 24/9/2010 14:43

Can someone help? If I accept offer today, when will I get money?

[2006stocktaker] 24/9/2010 14:39

Seeing as the fat lady has finally sung, and I've now sold...

Thanks very much to all contributors on this BB, it's been an interesting and very profitable experience. I've read for many years but rarely posted.

Thanks EJ for polite responses and getting me into this company many years ago.

All the best and hope we can find another Dana.

[johnmfrancis] 24/9/2010 14:37

This is yet another very sad day for the UK.

I suppose its no worse than when National Power and Powergen were taken
over by German firms but KOREA for gods sake owning a vast chunk of the UK,s north sea oil and gas.

That said where were Shell, Centrica, Total, BP, BG Group, Exxon and the like ?

I am puzzled none of these large corporations saw fit to get involved in acquiring the Dana Assets. I would far rather any of these Companies had taken over.

As a previous poster said what hapends when Oil is back over $140 again as no doubt it will be within a year or 2. Dana would have been worth far far more then. KNOC have got themselves an absolute bargain thaks to yet more City short termism.

My only consolation will be sell out today my long term SIPP holding at a good profit and reinvest elswhere.

[fhmktg] 24/9/2010 14:35

There it is then - great investment and great returns from TC and his team.
Thanks to EJ and all the rest of you for a stimulating board!
Now.....PMO anybody?

[dougdig] 24/9/2010 14:03

As I understand it the offer remains open until KNOC give 14 days notice of closure. AFAIK they have not given such notice - and if those who are holding out get compulsorily acquired in the end it is on the same terms as the offer.
Maybe I have it wrong - but at this stage of the game and in the absence of any Dana Board recommendation I see no reason to rush to accept KNOC's £18 at the moment. Particularly as I haven't thought where to put my ill gotten proceeds if and when these eventually arrive.
I have been in other takeovers - one or two I let go "compulsory" and I did not lose out apart from waiting a little for my money - I got the same as the offer.
I am guessing the same sort of routine will apply here with Dana but if I am wrong no doubt someone will explain please?
Even at this late hour I am holding until I have the Dana Board recommendation or I get KNOC's 14 days notice of closure.
No advice etc intended - but I feel I am not alone in my proposed course of action?
Am I right?

[thegreatgeraldo] 24/9/2010 13:51

Phillis - 24 Sep'10 - 11:58 - 13534 of 13537

?
Wonder what UBS are up to?

..It would be really nice to think they're acting for someone with deep pockets who is now just about in a position to stop outstanding shares being compulsorily purchased. That would make life awkward for the Koreans. Probably they're just after the few extra pence between their purchase price & the offer - logically the only buyers in the market now are tax exempt, who at a guess won't have to wait 14 days for payment.

[2006stocktaker] 24/9/2010 12:24

I'm getting pretty miffed that my holdings keep getting sold out cheap because a bunch of short term prats. Especially to learn that it was borrowed stock that clinched it, some of which may have been borrowed from me.

There are few direct replacements available, and when oil is back to $140 this will look stupid.

[haydock] 24/9/2010 12:15

Took the hint & moved over to Faroes, we know the A.M is due.

Been a fine bb, regards to all.

Particulary E.J, a sad day, but you can be proud of all your fine work as can T.C. & the board.

The next one:
Well I am in Eneg & went to the board meeting some months ago, very open & friendly.
Alan Minty seems to be fine deal maker.

They have since done a deal which the mkt has ignored, to fund the work in a known, but problematic field.Chart tells the story.
DYOR.
See you all around;
Hay.

[edmondj] 24/9/2010 12:11

It's that kind of intrigue that kept me in... e.g. like with Schoenfeld increasing as the situation turned hostile... but it's proven futile!

Interesting to see what statement the Dana board makes, today surely.

[phillis] 24/9/2010 11:58

?
Wonder what UBS are up to?