ENOC step closer to taking over Dragon Oil

Emirates National Oil Company Ltd. (ENOC) is a month away from taking over the Irish-listed oil explorer and producer Dragon Oil.

ENOC, which in July 2015, offered 750 pence per Dragon share, and on August 2, 2015, boosted it to 800 pence in cash for each Dragon Oil Share, now has 41.9 per cent of the current issued share capital of Dragon Oil and 90.1 per cent of Dragon Oil Shares to which the offer relates.

As a result, ENOC has received sufficient acceptances to launch a compulsory acquisition of shares from the shareholders who do not accept the offer.

The offer will remain open for acceptance until 3:00 p.m. (Irish time) on September 14, 2015 and will close on that date. Following the closing date, ENOC will start the compulsory acquisition process.

ENOC will delist Dragon Oil Shares from trading on the London and Irish Stock Exchanges an re-register it as a private company

The delisting process has already begun, and it is expected that it will take effect from 8:00 a.m. (Dublin time) on 7 September 2015. The last day of trading of Dragon Oil Shares on the Irish Stock Exchange and London Stock Exchange will be September 4, 2015.

Dragon Oil is an independent oil and gas exploration and production company, with its main asset being the Cheleken contract area in the eastern section of the Caspian Sea, offshore Turkmenistan. The area comprises two oil and gas fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).

Offshore Energy Today Staff