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Maybe we will never know the offer price, ENOC may withdraw their offer. I agree with long.over.short anything less than £8 would be unacceptable, after all production keeps going up we have a successful drill in Iraq other prospects around the world and soon we will start selling the gas.
Yes the market believe's it will be around £6.50. What is worrying is ENOC stating in an RNS that it would be at a premium to the £5.09 price that the approached Dragon at. I don't think they will get it for less than £6.50 and I would imagine that many on here want far higher. They have tried to have Dragon before back in 09 i think, it would be highly embarrassing to be fought of again. I'm holding out for £8 and will be rejecting anything less.
When the offer was first mentioned i thought about £6 but on seeing the share price now i would guess around this level £6.50 or a little more maybe up to £7.Does anyone have any idea when the offer may come out ?
What price are we thinking guys?
XTR
Lovely production numbers this morning, 93,000 bopd and rising. Caspian Driller commencing operations in Q2. Its either a number starting with £9 from ENOC or a swift no from me! My NAV for Dragon at $60 oil price is £8.60 so would like to see some upside from there.
Could somebody enlighten me as to what is going on here. Are all these form 38 etc. companies buying up shares ?
I assume these transactions are investment companies speculating on a premium to the purchase price if a buy out occurs. If I am wrong could somebody correct me please ?
Agree with you. I remember it dropping below £5 a share a few months ago and I ended up doubling my position. Would accept £8 but happy to hold if not.
You may well be right, I would expect them to come in under £6.00 which is nowhere near good enough when you consider £1.5b in the bank, no debt, gas production and sales to come on stream this year, oil strike in Iraq and 100,000 bopd by the end of 2015 from their existing wells alone. For me £8.00 and I'm out they can have my shares anything else and I will fight with the no camp.
Looks like the market think ENOC's offer will be too puny and will likely be rejected (again).... When are we going to hear about the offer anyway?
my last post is the 18th March as well
How come I am not showing any post since March 18th, surely there must have been some comments.
Enoc approached Dragon Oil about a possible take over when the share price was £5.09 ( on the 15th March ) and said its offer was at a premium on that price hence the speculation of £5.50, as the market reacted to this news the share price moved on to £6.00. We still don't know what the exact offer is but as I said previously I would say anything under £8.00 is cheap.
Why would they make an offer at £5.50? Surely no one would accept a price below the current share price? Isn't that just common sense?
I would agree with £8.00, we are currently producing 90,000 bopd, have struck oil in Iraq, gas sales due to come on stream shortly and £2 b dollars in the bank with no debt. Surely that would be a steel at anything under £8.00. The last time ENOC tried to buy at a cheap price I was on the no sale side and fortunately we won the day, so if ENOC want my shares they can have them for £8.00 or again I am no sale. I have no idea what the offer is going to be but judging by the comment of a premium on £5.09 they have probably come in at around £5.50 which is way below my red line.
So what's the price you all would consider giving up your shares for? Personally I'd go for £8... mainly because I bought in a few months ago at about £5 a share.
£Millions sold after close, why the jump of ship? Am I missing something - I expected that the news of investment/acquisition would have sent this sky rocketing especially with so many take over targets on the horizon fuelling speculation over short and long term growth, Why the quick sell off now?
Where did you get 800p from?
I just noticed your post was 3rd March, my apologies for my post.
800p I like what I see
I think you have misunderstood the RNS. My understanding is that Dragon Oil would be taken over by ENOC, they tried unsuccessfully to buy out all other share holders a few years ago so have now returned to try again. So it is not a case of Dragon buying another company it is Dragon that would be sold.
result out on Thursday is a cream on the top.