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Davy Research

Dragon Oil (DGO.L, DGO LN)

Mkt. Cap ($m):5956.1
Shares (m):491.7
Free Float(%):46.1

DRAGON OIL
Closing Price (p): 799
RATING 18/03/15
RESTRICTED
PREVIOUS RATING
N/A

Person's Name

Job Langbroek

Analyst

Research

Company Profile

Dragon Oil is an Irish registered company whose main asset is a licence in Turkmenistan. The licence lies in shallow water in the Caspian Sea and consists of two oil and gas fields. Oil and gas reserves on the Turkmeni asset are material and provide plenty of growth potential. Through its Turkmeni licence, Dragon has access to 675m barrels of liquid reserves. It is currently producing some 80,000 bopd and is investing to grow production to 100,000 barrels of oil per day. Its licence also holds circa 3 TCF of contingent gas resources which management is currently seeking to monetise. Dragon has the financial strength to develop the potential of its assets and/or diversify its portfolio. Its net cash balance is $1.9bn.