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Additional Information
Market: LSE / ISE
Sector: Oil & Gas Exploration & Production
Epic: DGO
News: Latest news
Web Site: Dragon Oil
Other Articles: 22-07-201020-07-201016-06-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Dragon 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, December 01, 2009

Dragon Oil says RiskMetrics recommends shareholders accept ENOC’s minority buyout offer

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Dragon Oil PLC (LSE: DGO) said proxy advisory firm RiskMetrics recommends that minority shareholders vote in favour of the planned 455 pence a share buyout offer for the Turkmenistan operating oil company by Emirates National Oil Co Ltd LLC (ENOC).

It cited RiskMetrics report concluding that "Based on comparable transactions, the historical valuation of Dragon Oil versus its peers, the premium to the then prevailing market price and the fact that this is a minority buyout, we find that 455p per share is a reasonable offer. We recommend that shareholders vote for the acquisition."

An extraordinary general meeting to vote on the proposal is set for December 11.

ENOC currently holds 51.5 percent of the company’s stock.  It announced its intention to buy out the minorities early November, valuing the company at £2.357 billion, which represented a premium of approximately 34.6 percent premium to Dragon’s price on the same day.

ENOC has said it would remain a committed majority shareholder in the company even if the takeover falls through. With the acquisition, 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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