Dragon Oil shares rocket 14% after offer

SHARES in Dragon Oil rocketed 14% yesterday after the exploration company confirmed it had received an approach to buy a major shareholding.

The company, which is listed in Dublin and London but headquartered in Dubai in the United Arab Emirates, said it was in early-stage talks with a potential buyer of 48% of the company.

The Emirates National Oil Corporation (ENOC), which is owned by the Dubai government, owns the remaining 52% of the company but will retain its entire shareholding even if the deal goes ahead.