ENOC remains confident of Dragon Oil deal

The Emirates National Oil Company (ENOC) believes its takeover of Irish-listed explorer Dragon Oil will succeed, despite significant minority-shareholder opposition to the current offer.

“Based on our direct ongoing engagement with Dragon Oil’s shareholders, we are confident that there is significant shareholder support for the full and fair offer, of 750p,” an ENOC spokesperson said yesterday.

Dragon is based in Dubai, operational in Turkmenistan, and listed in Dublin and London. Shares in the company hit record highs last month after majority shareholder ENOC upped its offer, for the 46% of the company it does not currently own, from €5.03bn to €5.1bn.