ENOC offers to buy Dragon’s remaining shares

Emirates National Oil Co. Ltd. LLC (ENOC), which owns approximately 54% of Dragon Oil Plc’s ordinary share capital, has offered to buy the remaining shares “for a premium” to its 509.5-pence closing price on March 13. Based on this news, Dragon gained 13%, closing at 602 pence in London, giving Dragon a market value of 2.96 billion pounds ($4.36 billion).

Dragon Oil’s principal producing asset is the Cheleken Contract Area in the eastern section of the Caspian Sea, offshore Turkmenistan.

In partnership with other companies, Dragon has participation in the following exploration blocks:

  • Offshore Tunisia (the Bargou Exploration Permit),
  • Onshore in Iraq (Block 9),
  • Onshore Algeria (Tinrhert Nord Perimeter and Msari Akabli Perimeter);
  • Onshore in Afghanistan (Sanduqli and Mazar-i-Sharif blocks),
  • Offshore the Philippines (Service Contract 63)
  • East Zeit Bay, offshore the Gulf of Suez, in Egypt (100% interest).

Dragon’s headquarters are in Dubai, United Arab Emirates.


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


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

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 ...