Dragon’s pullout from a Bowleven takeover today may well close one door on part of the story, but the other door remains firmly open. And that’s Dragon’s ambitions on boosting their reserves and exploration opportunities. These are firmly ‘out there’ now and some investors will be pondering on who their next targets might be.
So to get the ball rolling – why not try Max Petroleum? Recently highlighted in a few newspapers as rising on talk of a takeover – MXP has something to please any prospective buyer.
For starters, they have production of circa 5000bopd rising to 6500bopd soon based on wells coming online. They have massive exploration targets and are funded for 2 x deep drills of which the first is just 8 weeks away from TD (approx.).
They do have debt but much of this would be wiped out if converted to shares at 32p.
Looking at the map below – their licences are surprisingly close to Dragon’s main portfolio of assets in Turkmenistan.
Click on map to enlarge.