Dragon Oil (OTCPK:DRAGF) is an independent oil & gas exploration, development and production company with principal producing asset in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The company currently trades at an attractive EV/EBITDA valuation of 2.4. The investment analysis discusses the reasons for current valuations and the story behind a minimum 30% upside with a 2-year time horizon and a relatively optimistic 50% upside.
Before taking the thesis forward, let me mention here that Emirates National Oil Company Limited, which is ultimately owned by the Government of Dubai holds a 54% stake in Dragon Oil. The reason for mentioning this in the investment summary is the fact that...
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