Dragon Oil Share Discussion Threads

[fido] 17/7/2015 16:11

Enoc cite a number of problems to back up their case.

Waxing-This is an historical problem that Dragon resolved years ago with the use of additives.

Sand intake- This is an historical problem that Dragon solved years ago by the use of filters.
Field decline- this has been less evident in recent times as wells are better optimised. On top of that the artificial lift programe has been so successful that it is now being rolled out throughout the field and after one year of just the pilot scheme in operation Dragon are already seeing increasing pressures and production.
On the issue of capital spend, Dragon have already shown how they can increase production by adding more perforations so if the idea was to maintain the 100.000bopd then they could easily disband their fleet of rigs and save themselves a fortune.
The fact that they are spending millions on infrastructure means they are investing for their future and volumes far in excess of 100,000.

Basicly ENOC are lying through their teeth.

[spob] 17/7/2015 15:55

I find the Evening Standard makes for better toilet paper than the FT and its free

Don't take any notice of Bryce Elder.(markets live blog) He suffers from a personality disorder which makes him resent any profit made by small private shareholders. Its quite comical the difference in tone between his daily market report in the FT and the markets live blog. Shows him up for what he really is. Totally unproffesional.



How to read FT articles when it says you have reached your article limit.


Copy the headline of the article and paste it into the google search box.

Click enter

Click on the article in the search results.

It works most of the time.

[oscarino] 17/7/2015 15:31

Just bought the FT and the article is the same as one posted online

[blakieboy7] 17/7/2015 15:28

So, essentially, ENOC would plan to stop the dividend and then use the saved proceeds to increase the offer?! It stinks that they would be able to get away with this

[dragon2go] 17/7/2015 14:05

I saw that article but the tone of it wasn't in line with what was described so I can only assume the print version has something different.

[oscarino] 17/7/2015 13:58

marchant7 is that article on line or in the FT newspaper ?

[dragon2go] 17/7/2015 13:50

Anyone have a copy of the FT they can scan the article from? Will upload to site

[marchant7] 17/7/2015 13:26

In the Financial Times today, there is a large scathing attack on the pressure that ENOC is putting on shareholders of DGO. Go to your main library to read the article for free.. ENOC The answer is NO!!! NO!!!! a million times NO!

[dragon2go] 17/7/2015 12:33

Bryce Elder, [e-mail] of the FT's Alphaville live blog thingie had some typically moronic comments about ENOC's offer

[dragon2go] 17/7/2015 12:15

As things are getting interesting it may be an idea to resume Adwords advertising of thedragonoiloffer.com site. Anyone wanting to contribute can make a paypal payment to [e-mail]

[oscarino] 17/7/2015 11:27

Anyone here know how many more funds hold DGO and their holdings ?

[chessman2] 17/7/2015 09:22

I would not be surprised to learn that an interim divi will also be paid. Either that or an increased offer to the 775/800 level.

All will be revealed at the end of the month.

[fido] 17/7/2015 08:46

"any further shareholder dissent could possibly entail a closer
outcome into the first closing date on July 30th"

BG we know about.
Setanta are a long term value investor.
Elliot are an activist fund.

This could now be the start of the minority shareholders falling into line against Enoc`s bid.

[fido] 17/7/2015 08:30

So the upshot so far is that three of Dragons biggest shareholders now say that the ENOC bid "substantially " undervalued Dragon.
Either these three well respected companies have got it seriously wrong about Dragon OR ENOC are seriously lying about Dragons prospects.
I know which my money is on.

[blakieboy7] 17/7/2015 08:20

Goodbody broker comments yesterday Dragon Oil ENOC gloves are offIn a statement this morning, ENOC announced that whether or not Dragon Oil is delisted, itno longer sees the need to maintain a dividend. In essence, we view the comment as a thinlyveiled threat to those shareholders who have argued that the ENOC offer for Dragon Oil at750p per share considerably undervalues the company.The statement also includes commentary regarding the challenges of maintaining a 100 kbopd production profile, in a bid to counter the views of those that suggest that production could potentially expand significantly ahead of infrastructural improvements being made by Dragon Oil to facilitate a considerably higher production profile.With nearly 14% of the share register (or approximately 30% of the share register ex ENOC)potentially against the offer as it currently stands, one can only speculate that this announcement is a sign of ENOC's hardened stance. While ENOC may be unconcerned given that 23% of the share register is required to block the deal as it stands and halt ENOC'splans to delist the company, any further shareholder dissent could possibly entail a closeroutcome into the first closing date on July 30th.From an ENOC perspective, an olive branch to any impending impasse could be forDragon Oil to declare an interim dividend, which ENOC would, contrary to itsstatement this morning, agree to pay. This might offer a solution in terms of ahigher headline offer price, while ENOC would only have to write less than half thecheque given it will receive 54% of the said dividend. Last year, Dragon Oil paid aninterim dividend of 20c (USD).

[fido] 17/7/2015 08:16

"Additionally, Elliott Advisors also said it thinks Dragon Oil is set to benefit from a field in Iraq which it "believes that the value of Dragon Oil's 30 per cent working interest in Block 9 in Iraq is likely to become significantly clearer over the coming 12 months."

[blakieboy7] 17/7/2015 07:39

More good news for the minority holders!!! :)

[guy_fawkes] 17/7/2015 07:37

Elliott Believes That ENOC's Offer Substantially Undervalues Dragon Oil.

[spob] 16/7/2015 22:50

Why not spreadbet Exb ?

no 1% stamp

[exbroker] 16/7/2015 22:45

Saget
I now hold 35000 shares, i would buy more if I could at 724 but have to pay the Irish stamp at 1% so that makes the rate of return a bit tight. There is no dividend declared at the moment so nothing to vote down. If ENOC fail and there is no dividend then all the yield funds will sell, as well as any of the arbs that at in this trade, short term price will fall below 700 and might even fall below 650, its not something I want to find out!

[acordis2] 16/7/2015 22:40

Many thanks for that........first time someone has explained it in a format I can understand........brilliant. Thank you

[saget] 16/7/2015 22:38

Exbroker:
I must say you do have courage of your convictions to buy 10000 shares at the current price.
I do have a few more shares than that and I think that's plenty for now and so won't be buying more anytime soon.

DGO works great as a dividend vehicle.
And if the dividend is cancelled then guess what, the share price will go up, so a NO vote from me.