Emirates National Oil Company Moves to Acquire Dragon Oil

Dragon Oil on Tuesday said it has received an approach from Emirates National Oil Company (ENOC) to buy its shares that ENOC did not already own.

“Following the recent movement in its share price, Dragon Oil confirms that it has received an approach from Emirates National Oil Company (ENOC) regarding a possible offer for the entire issued and to be issued ordinary share capital of Dragon Oil that it does not already own. There can be no certainty that any firm offer for the Company will be made nor as to the terms on which any firm offer might be made,” Dragon Oil said in a statement. 

ENOC is Dubai based Dragon Oil’s largest shareholder and owns 53.95 percent in the company.

Dragon Oil is leading independent international oil and gas company with its principal asset being the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. It also has exploration assets in Tunisia, Iraq, Afghanistan, Egypt, Algeria and the Philippines.