Proactive investorsLogo Proactive Investors UK Website

Search field
Additional information
Additional Information
Market: LSE / ISE
Sector: Oil & Gas Exploration & Production
Epic: DGO
News: Latest news
Web Site: Dragon Oil
Other Articles: 02-03-201023-02-201028-01-2010

RSS - Subscribe to the News Today on Proactive UK ▼

Monday March 15, 11:21Diamondcorp: a big cash injection and a lot of work to do

70% of the new money was raised from current shareholders, reflecting a hefty amount of faith in the management to deliver.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive AU ▼

Monday March 15, 11:56Bionomics to present at Ultimate Healthcare & Biotechnology Event, March 24

Deborah Rathjen, CEO of Bionomics, recommended by UK Investment Reseach house Edison Investment Research, "our new valuation for BNO is at 55 cents" will present in Sydney.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

FULL ARTICLE ►
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.

CLICK HERE FOR FULL ANLAYSIS OF DRAGON OIL
Tuesday, December 01, 2009

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

company news image

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.

AddThis Feed Button
Register here to be notified of future Dragon Oil articles.

Other Dragon Oil articles


Other Dragon Oil news

More news ►

Investors interested in Dragon Oil recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.