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.

 

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