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Additional Information
Market: LSE / ISE
Sector: Energy
EPIC: DGO
Latest Price: 519.50p  (-0.38% Descending)
52-week High: 614.00p
52-week Low: 387.75p
Market Cap: 2,655.26M
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Dragon Oil
www.dragonoil.com

Dragon Oil is an independent international oil and gas exploration, development and production company.  Our principal asset is the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The Group’s headquarters are located in Dubai, United Arab Emirates. Dragon Oil had proved and probable oil reserves as at 31 December 2009 of 617 million barrels and 3.1 trillion cubic feet of gas resources.

Full Dragon Oil profile here
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ENOC says 455p takeover offer for Dragon Oil final

17th Nov 2009, 9:51 am ENOC says 455p takeover offer for Dragon Oil final

Turkmenistan operating oil company and FTSE 250 constituent Dragon Oil (LSE: DGO) has announced today that the Emirates National Oil Company Limited LLC (ENOC) has confirmed that the offer price of 455 pence per share for the company is final and will not be increased.


The UAE based business agreed to acquire the remainder of issued share capital of Dragon Oil for 455 pence per share earlier this month, valuing the company at £2.357 billion, which represented a 10% premium to the company’s closing price in the previous day and a 34.6% premium to Dragon’s price on 3 June when ENOC’s approach was first announced.


The offer price is also 65.1% higher than Dragon’s average daily closing price over the last 30 trading days before the commencement of the offer period.


Both the Independent Committee of Dragon Oil and the board of ENOC have said that the terms of the offer were fair and reasonable for the minority shareholders of Dragon. The Independent Committee today reaffirmed its recommendation to the shareholders to accept the offer.


Dragon expects to issue the scheme document containing further details of the acquisition to its shareholders later this week.


ENOC, which currently owns 51.5% of the company’s stock, said it would remain a committed majority shareholder in the company even if the takeover falls through. With the acquisition of Dragon Oil, ENOC aims to increase its reserve and production base and its exposure to Turkmenistan and the Middle Eastern region as well enhance the company’s expertise in upstream.


Dragon Oil’s principal interest is in the Cheleken contract area in the Caspian Sea offshore Turkmenistan, which it operates through a PSA (production sharing agreement) with the country’s government. The group achieved a 28% increase in 2008 gross production over the previous year with an average rate of 40,992 barrels of oil per day (bopd), marking an 11% year on year increase.


Total recoverable proven and probable oil reserves in the Cheleken area amount to 645 million barrels of oil condensate. In addition to that, the estimated contingent natural gas resource stands at 3.2 trillion cubic feet.

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