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.

Shares in Dublin-listed exploration firm Dragon Oil hit a record high, yesterday, as the company agreed to improved takeover terms tabled by its majority shareholder.

Emirates National Oil Company has a 50% chance of succeeding in its bid to take full control of Irish-listed explorer Dragon Oil, according to UK analysts.

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.

Middle-Eastern exploration firm, Dragon Oil has withdrawn its interest in Irish company, Petroceltic, citing “prevailing market conditions” for its decision.

Exploration firm Dragon Oil has an official window of three weeks to put up or shut up regarding the prospect of a takeover of the Irish firm Petroceltic.

Dragon Oil has said it remains in "detailed discussions" with its backers over a proposed bid for Irish exploration firm Petroceltic.

Any pending formal takeover offer for Dublin exploration firm, Petroceltic from Middle Eastern player, Dragon Oil is expected by analysts to tempt other parties into a bidding war.

IRISH oil and gas exploration company Petroceltic has reported positive results from its latest drilling round at its INE-2 well in southern Algeria.

DRAGON Oil, the Irish-listed exploration company, has suffered a 37% drop in first-half profits and a 29% fall in revenue.

Dragon Oil has announced a 37% drop in profits to €105m for the first half of the year.

OIL exploration company, Dragon Oil has delivered a record set of interim results for the first half of 2008 and said it is on course to generate significant production growth for the year as a whole.

Dragon Oil has agreed terms for a new $40 million loan from the Emirates National Oil Company (ENOC), its major shareholder.

Independent oil and gas exploration firm Dragon Oil plc has posted after tax profits of $28.8m (€23.28m) up from $15.5m (€12.53m) in 2002.