Another minority shareholder in Irish-listed exploration firm, Dragon Oil has criticised the takeover offer from majority investor, Emirates National Oil Company (Enoc) as undervaluing the company.

Dragon Oil’s prospective new owner has scuppered any prospect for future dividend payments, effectively upping the ante in the war of words over the ownership of the company.

Takeover target Dragon Oil has reported a 25% increase in production output for the first half of the year.

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.

Oil producer Dragon Oil’s largest independent investor the asset management firm Baillie Gifford, has said an increased takeover offer from majority owner Emirates National Oil Company (ENOC) “materially undervalued” the company.