Irish exploration Dragon Oil fell back in early afternoon trade, hit by profit-taking after this week's surge driven by rumours of the company's progress in production in the Caspian Sea, dealers said. At 1 p.m. today, the stock was down 4.75 pence at 33.25p.
The Timesnewspaper wrote yesterday that the exploration and production company had been boosted by talk of progress in the eastern Caspian Sea and the Daily Expressreported Irish investors had been piling into the stock.
A spokesman for the company expressed surprise that the rumours of a discovery had driven the stock up so high from 22p, where it began the week.
He said there was nothing new to the rumours as the group had made a statement in January, saying they had started drilling the first of three planned wells on the Lam Field, in the Cheleken Contract Area, offshore Turkmenistan in the Eastern Caspian Sea.
He did not think the group was likely to make any further updates ahead of full year results, due in the next couple of weeks.
AFP