Dragon Oil’s board accepts ENOC’s takeover terms

Offshore staff

DUBAI, UAEEmirates National Oil Co. (ENOC) has reached an agreement to acquire the entire share capital of Dragon Oil for £3.7 billion ($5.7 billion).

Dragon’s board has recommended that its shareholders approve the offer which will be conducted by way of a contractual takeover offer.

Assuming ENOC reaches a threshold of 23% of Dragon shares it plans to de-list the company from the Irish Stock Exchange and the London Stock Exchange.

Saif Al Falasi, ENOC’s group CEO, said: “We believe that Dragon Oil has now achieved as much as is possible through its existing upstream strategy. Moreover, with production close to plateau at its sole producing asset and with an uncertain market backdrop, this offer provides Dragon Oil’s minority shareholders certainty and a clear opportunity to realize significant cash today.”

06/15/2015

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...