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Epic & Msn data
Epic DGO
Time: 16:35:25
Mid Price: 481.75
Change Today: 6.75 Ascending
Change % Today: 1.42 Ascending
Fifty Two Week High: 491.00
Fifty Two Week Low: 167.75
Market Capital: 2480.96
Period & price data
Period Price
Now: 481.75
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE / ISE
Sector: Energy
Epic: DGO
News: Latest news
Web Site: Dragon Oil
Other Articles: 02-03-201023-02-201028-01-2010

Crude Oil

Dragon Oil

Dragon Oil plc is an independent oil development and production company listed under a dual primary listing on the London and Irish Stock Exchanges. It's principal development and production activity is the development of its asset in the Cheleken Contract Area, offshore Turkmenistan. Approximately 52% of the Company’s equity is held by the Emirates National Oil Company (ENOC) L.L.C. (“ENOC”), a company owned by the Government of Dubai. Dragon Oil had proved and probable oil reserves at 30 June 2008 of 645 million barrels and 3.2 trillion cuft of gas resources.

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Tuesday, November 17, 2009

ENOC says 455p takeover offer for Dragon Oil final

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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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