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duncanmcl

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question to Dragon

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duncanmcl

posted on Nov 03, 2008 09:16AM

#3 asked to explain the major drop in sp in May....was it because of the Yemen well plug?

1. We are not an OPEC member.

2. We are not planning a buyback at this stage. Dragon Oil has an extensive capex programme to secure long-term growth, and in the current financial market turmoil is pleased that it has built up a substantial cash reserve and is without debt. Clearly a buyback or a dividend is not out of the questions and will continue to be reviewed by the Board.

3. No, the share price has been hit by the overall market volatility specifically relating to speculation regarding medium-term crude demand.