Oil and gas decommissioning costs to hit nearly £17bn with 1.2m tonnes from North Sea to be removed With 1.2 million tonnes of disused oil and gas installations from the North Sea expected to be removed for reuse and recycling, UK oil and gas firms are being forecast to spend some £16.6bn on decommissioning work over the next decade. Industry body Oil and Gas UK (OGUK) said work in this area would be [...]
Dragon Oil share price muted after Enoc takeover clears final hurdle Emirates National Oil Company's (Enoc) bid for Ireland-based Dragon Oil has cleared its final hurdle today. In a statement, Dragon Oil said it will delist from the Dublin and London stock exchanges on 7 September, after Enoc received enough acceptances of its £4bn offer to compulsorily acquire any remaining shares in the Irish explorer. Enoc won its [...]
Emirates National Oil Company snares remaining Dragon Oil shares; company will delist next month The Emirates National Oil Company is acquiring the remaining stake in Dragon Oil, having raised its offer to 800p per share. The group, which already owns 54 per cent of Dragon Oil, had put forward a £3.7bn offer for the company last month. This was rejected by shareholders including Elliot Advisers and investment group [...]
Dragon Oil share price surges after Enoc wins backing of company’s minority owners August 3, 2015 Shares in Dragon Oil opened nine per cent higher to 799p this morning after Emirates National Oil Company secured enough shareholder votes to privatise Dragon Oil this weekend, having revised their offer for each Dragon Oil share to 800 pence “to give all parties certainty,” the company said in a statement. Increasing the takeover bid [...]
Dragon Oil share price falls while Elliott Advisors says Enoc offer undervalues company July 17, 2015 Activist investor Elliott Advisors has become the latest Dragon Oil shareholder to say Emirates National Oil Company's (Enoc) takeover bid "substantially undervalues the company". Enoc, which owns 54 per cent of the Turkmenistan-focused oil producer, offered 750p per share in June. But Dragon Oil's second- and third-largest shareholders, Baillie Gifford and Setanta Asset Management, have said they want [...]
Dragon Oil share price rises as it shrugs off global oil price rout maintaining investment spend as production rises July 14, 2015 Dragon Oil has said it maintained capital expenditure and increased oil production in the six months to June, in the face of a global oil price rout that's forced a number of similar companies to cut investment spending. Read more: Dragon Oil shareholders breathing fire over £3.7bn ENOC takeover bid But shares in the Turkmenistan-focused oil [...]
Dragon Oil shareholders breathing fire over £3.7bn ENOC takeover bid June 18, 2015 Dragon Oil was at the centre of a shareholder showdown yesterday, over whether to accept a £3.7bn takeover offer from Emirates National Oil Company (ENOC). But LGM Investments told City A.M. that it disagreed with Baillie Gifford’s plans to reject the improved 750p per share bid for the Turkmenistan-focused oil producer. “We [...]
Dragon Oil share price dips slightly as shareholder Baillie Gifford unimpressed by £3.7bn takeover off from Emirates National Oil Company June 18, 2015 Dragon Oil's largest minority shareholder Baillie Gifford isn't impressed by Emirates National Oil Company's (ENOC) £3.7bn takeover offer for the oil explorer. The Edinburgh-based asset manager, which owns a 7.2 per cent stake in the company, said the offer "materially undervalues the company's strong growth potential and encourage shareholders to reflect on the growth infrastructure that is presently being [...]
Dragon Oil share price soars as board agrees £3.7bn takeover offer June 15, 2015 Dragon Oil’s board yesterday approved a sweetened takeover offer from Emirates National Oil Company (ENOC), breathing fire into its share price on hopes that minority shareholders will accept the deal. Shares in the oil explorer, which operates in Turkmenistan, soared 9.6 per cent to a record high of 734p in early trading, before settling [...]
Dragon Oil continues search for acquisition as it targets growth January 20, 2015 EXPLORATION and production company Dragon Oil revealed yesterday that it is targeting a 10 per cent increase in production during 2015. The group is planning to complete between 15 and 20 wells per year in 2015 and 2016, with the aim of producing 100,000 barrels of oil per day in 2016. The company said it [...]