lionheart

Does anybody know anything about the alleged procurement irregularities under investigation at this Dubai based company? Their share price fell from 162p to only 90p this morning but has since crawled back up a little. May be a good buying opportunity if only the usual back-handers are involved.

RNS Number : 9299N
Dragon Oil PLC
26 February 2009

DRAGON OIL plc

("Dragon Oil" or the "Company")

Investigation within the Marketing and Contracts Departments

On the advice of the executive management team and following a scheduled internal audit review, the Board of Dragon Oil has commenced an investigation into certain possible irregularities identified in its procurement procedures. These irregularities involve possible improper conduct between certain former senior managers in the Company's Marketing and Contracts Departments. The Internal Audit Department and KPMG (Dubai) have been engaged to assist in this in-depth assessment.

The Board is investigating these irregularities and is undertaking a thorough review of all Company procurement procedures. The Board is taking appropriate legal advice on all matters associated with the investigation. The relevant authorities have been informed or are in the process of being informed of the investigation.

Final results of the investigation and any resulting actions may ultimately take some time to complete. However, the Board expects to be in a position to update shareholders on progress being made in the investigation before the end of March.

The announcement of Preliminary Results for the year ended 31 December 2008 was due to be published on 4 March 2009. However, as a result of the identification of these alleged irregularities, the Board has decided to delay the publication of these results until it has had the opportunity to consider the initial results of the investigation and is in a position to determine the impact, if any, the investigation will have on the Company's financial position.

bimcnorth

You´d better hurry up..the stock is up to 135 now

Eva

You got some?

bimcnorth

No, not me..I´m more of a banks, real estate and utilities guy, according to the National at least

Minor upstream oil companies like Dragon operating in odd places are way to hard to predict for my taste.

Eva

Can we assume Mr al Shaikh will get Mo's Co's in order first?

bimcnorth

That´s a tall order but I´m sure Nasser is up for it.

Let´s hope so anyway, Sheikh Mo of Dubai have been "odd" lately and people try to avoid his gaze.
As a contrast Sheikh Mo bin Zayed of Abu Dhabi is all smiles, bonhommerie and boyish charm despite once being dubbed the Saddam Hussein of UAE by Iran..

One wonders if this gal have something to do with his upbeat mood? Does anyone recognise her?

Eva

That's me.
God my roots are bad!

Eva

It's not of course.Indemnity.
Never wore a dishdash in me life.

Inselaffen

I think there was a BE poster working for Dragon Oil.Can't remember who it was though! Maybe they will enlighten us?

MataHari

EE...

TGFKASE

I remember who it is, was wondering whether he/she would like to comment on this....

Tiger989

Its not me but I know who it might be

Honeywell stocks are down, down down down....

MataHari

oh...do I need to delete my post?

Confucius

You mean he/she/it...

TGFKASE

Ah, was I not coy enough????