Hope of higher offer for Dragon Oil

Investors in Dublin-listed exploration firm Dragon Oil are being urged to hold out for an anticipated higher value takeover offer from the company’s majority shareholder, the Emirates National Oil Company (ENOC), than the €5.03bn currently being proposed.

An improved proposal is expected over the course of the next month or so.

Dubai-based firm Dragon grew out of Irish company Oliver Prospecting & Mining in the 1970s and has its shares partially listed on the Iseq.