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Dublin: 1 °C Tuesday 19 November, 2019

Irish-listed oil company to be sold for a whopping €5.1bn

Not a bad day’s work.

File photo of an offshore oil rig.
File photo of an offshore oil rig.
Image: Shutterstock

DRAGON OIL, AN international oil and gas exploration company listed on the Irish stock exchange, has reached a takover deal with Emirates National Oil (Enoc) that values the business at €5.1 billion.

Enoc, which already owns 54% of Dragon Oil, improved its offer to 750 pence a share – up from an initial proposal of 735 pence a share put forward in March, according to the Financial Times.

The deal is subject to approval from a majority of Dragon Oil’s minority shareholders.

The company, whose main asset is in Turkmenistan, will be delisted from the London and Irish Stock Exchanges on completion.

The FT quotes Saif Al Falasi, Enoc CEO, as saying the company appreciates Dragon Oil’s “achievements to date”.

“Moreover, with production close to plateau at its sole producing asset and with an uncertain market backdrop, this offer provides Dragon Oil’s minority shareholders certainty and a clear opportunity to realise significant cash today,” he added.

Shares in Dragon Oil jumped by more than 8% today after the deal was announced.

Dragon Oil, which headquartered in Dubai, is registered in Ireland with a premium listing on the London Stock Exchange and a primary listing on the Irish Stock Exchange.

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Órla Ryan

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