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.

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Dragon Oil's revenues rose by 4% to $1,093.1m in the year to the end of December despite being hit by the significant decline in the Brent oil price in the second half of the year.

Profits were higher by 27% on the account of the reversal of an over-provision of US$160mn made in prior years in respect of tax liabilities offset by recognition of US$85mn of social expenses and provision for impairment for exploration activity in 2014. We generated US$0.8bn from operations in 2014.

Operating profits fell by 16% to $578.6m.

The company said: "Our strong cash position allows us to maintain payment of dividends: the interim dividend was increased by 33% and today the Board announced the final dividend of 16 US cents bringing the total dividend for 2014 to 36 US cents.

"The Board continues to consider and strike the right balance of capital investment requirements for the Cheleken Contract Area, investment needs for our exploration assets, return of value to shareholders and opportunities to acquire development assets in addition to prospective exploration blocks on a selective basis, and will exercise prudence in the current low crude oil price environment."

After hours RNS possible offer.

Statement regarding possible offer for Dragon Oil plc ("Dragon Oil")

ENOC notes the earlier Dragon Oil announcement.

ENOC confirms that it made an approach for Dragon Oil on 15 March 2015. The approach reflects a premium to the closing share price of £5.09 as of 13 March 2015.

There can be no certainty as to whether or not a firm offer will be made nor as to the terms on which any firm offer might be made.