Dragon Oil plcs principal production and exploration interests are located in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan. The Cheleken Contract Area covers approximately 950 sq.kms and comprises two offshore oil and gas fields, Dzheitun (LAM) & Dzhygalybeg (Zhdanov), in water depths of 10 to 37 metres.

            Red = 25 day moving average.           Green = 200 day moving average.

cynic haven't seen RNS with any offer yet?

i don't think the offer was formal ..... it was from memory when the potential offer was said to be at a small premium to sp pertaining on date x

RNS dated 4th june merely states that the Board had received an approach in relation to a possible offer, the approach is of a preliminary nature and no certainty any offer will be made or as to the terms of any such should one be forthcoming.
RNS of 9th june states the Board had formed an independent committee to evaluate the approach by ENOC in relation to a possible offer.
Nowhere is a possible amount mentioned.
We hope the minority shareholders don't get screwed.

i thought ENOC (or DGO) mentioned the modest premium ..... i know i did not make it up

as for getting screwed, it's a subjective opinion as to what 48% of the company might be worth

Probably press speculation.
Merrill Lynch International are advising the Board on a possible offer........wow!

at least it's neither Lehman nor Madoff

How long does it take directors and their no doubt highly paid advisors to work out whether or not an offer from ENOC is acceptable or not? A month has pased since they set up a special committee to consider an offer, don't they know how much to accept?

you and i may be in a hurry to conclude a deal, but the m/e mind certainly does not work that way ..... in particular, ENOC can afford to play hardball as they already own 52%

cynic that's what worries us with the oil price falling and political tensions in the region beginning to "bubble" again.Minority shareholders are pretty defenceless in these sort of situations, institutional investors may "save the day".

there's only one institutional investor to worry about, and that's ENOC ...... while ENOC are under no obligation to offer what they regard as silly money, the directors and other shareholders are under no obligation to accept what may or may not be put on the table

ENOC has already formulated its stategy otherwise it would not be trying to buy out minority shareholders, they may well be looking to sell the whole business in due course.

hard to know, but there will be strong cultural affinity between dubai and turkmenistan, the latter being notoriously xenophobic

new article, click HERE

Extract from yadrts operational update.

Preliminary approach

On 4 June 2009, we announced that the Company had been approached by Emirates National Oil Company Limited (ENOC) L.L.C. ('ENOC') in relation to a possible offer for the entire issued and to be issued share capital of the Company it does not currently own (the 'Approach'). The Company formed an Independent Committee of the Board to evaluate an offer should one be forthcoming. The Approach is of a preliminary nature and there can be no certainty that any offer will be made or as to the terms of any such offer. A further announcement will be made as appropriate.
cyril

And the whole article.
http://www.investegate.co.uk/Article.aspx?id=200907210700139781V
cyril

stopped restructuring..........but no guarantee of offer.

dreadful! this company stinks and shoulf be investigated by the woeful FSA......in other words, do nothing

why?

Not representing the best interest of "al"l holders,by cancelling the LSE listingso much easier(90%required) to achieve on the ISE. ThatS the view of a very knowledgable investor, who feels they have left themselves open to legal action?
cyril

i am obviously being very dense ..... are DGO delisting from London/Ireland? ..... on the t/o front, obviously no news means exactly that

Here's the passage whuch covers the issue.

Corporate restructuring

On 27 March 2009, the Board of Dragon Oil plc announced the proposed restructuring of the Company by means of a scheme of arrangement by putting in place a Bermuda-incorporated company as the new ultimate holding company of the Group. Following the restructuring, the Company was planning to apply for a primary listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange. In light of the approach received from ENOC, the corporate restructuring has been put on hold.
cyril