Dragon Oil has reported output in the first quarter rose 21 per cent over the same period last year after the company cleared production bottlenecks.
The company, which drills offshore in the Caspian Sea and has a minority stake in three exploration blocks in Yemen, spent US$74 million (Dh271.7m) in the first three months of this year on installing a wider pipeline and drilling three new wells.
That allowed the company to increase its average daily production to 57,800 barrels from 47,600 in the same period last year.
Analysts at the investment bank Nomura increased their target price for Dragon Oil, traded on the Irish and London stock exchanges, to 765 pence from 755 pence in light of expected production growth.
"Our recent visit to Dragon Oil's facilities suggests that operational delivery is on track and management's recent update confirms that view," analysts at Nomura said in a note to investors yesterday.
Shares of Dragon Oil rose to 571 pence on the London Stock Exchange yesterday, a 4 per cent increase on Wednesday's close. The Government of Dubai owns 51 per cent of Dragon Oil through Emirates National Oil Company (Enoc).
Dragon Oil's shares have traded at a discount compared with British exploration and production companies, said Vishal Gupta, one of the Nomura analysts who wrote yesterday's note.
Mr Gupta added that investors were reluctant to put money into a largely single-asset company that already had a majority owner.
"It would always remain at a bit of a discount to the other companies, because of the 51 per cent Enoc share that's going to always be there," he said. "We think that it's overdone, the discount."
Dragon Oil had been contemplating where to put about $1.3 billion of available cash, Emad Buhulaigah, Dragon Oil's general manager of petroleum development, said in February.
An estimated $72.2m of that will go towards the company's first dividend, a payout of 14 US cents a share that is expected to be approved at the annual shareholder meeting next month in London.
Dragon Oil was also negotiating for potential acquisitions in Africa and the Caspian Sea, Mr Buhulaigah said in February. "We have to find something that is worthwhile," he said.
Even after paying a dividend, the company should have plenty of cash for acquisitions.
"It's a zero-debt company and they have cash worth $1.3bn on their balance sheet," said Mr Gupta. "If they do go for a bigger deal, then they have enough to raise debt from the market."
ayee@thenational.ae
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
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- Delhi, India
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- Peshawar, Pakistan
- Bagpat, India
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Company%20Profile
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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
Results
2pm Handicap (PA) Dh85,000 1,800m
Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm Maiden (TB) Dh75,000 1,400m
Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.
3pm Handicap (TB) Dh80,000 1,400m
Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.
3.30pm Handicap (TB) Dh105,000 1,400m
Winner Ode To Autumn, Richard Mullen, Satish Seemar.
4pm Handicap (TB) Dh80,000 1,950m
Winner Arch Gold, Pat Dobbs, Doug Watson.
4.30pm Maiden (TB) Dh75,000 1,800m
Winner Meqdam, Pat Dobbs, Doug Watson.
5pm Handicap (TB) Dh90,000 1,800m
Winner Native Appeal, Sam Hitchcott, Doug Watson.
5.30pm Maiden (TB) Dh75,000 1,400m
Winner Amani Pico, Tadhg O’Shea, Satish Seemar