Ophir Energy
At some stage someone will make an awful lot of money calling the bottom of the oil market. It may be imminent. Last week Dragon Oil, which operates in Turkmenistan, attracted what looked like an opportunistic bid from the Dubai national oil company. It is the second approach, and the last from Dubai was in 2009, when the oil price was last flat on its back.
Valuations in the sector look suspiciously cheap, if you are prepared to take a the long view. The other day I highlighted Faroe Petroleum. Now consider Ophir Energy. Floated in 2011 at 250p, the shares added 4½ to 129¼p yesterday on indications, in the 2014 figures, that it is well in sight of becoming self-sufficient with exploration