31st May 2005 07:01
Dragon Oil PLC30 May 2005 Dragon Oil plc ("Dragon" or the "Company") Placing of Unsubscribed Open Offer Shares Following the closing of the Open Offer on 26 May 2005, Dragon is pleased toannounce that it has conditionally placed 14,695,970 Unsubscribed Open OfferShares (the "Placing Shares") with a value of Stg£12.9 million (US$ 24.7million) with institutional investors in North America, Europe and the GCC. Thegross proceeds of the Placing will amount to approximately Stg£12.9 million (US$24.7 million) and are intended to be used to bring forward certain elements ofnon-drilling capital expenditure for Dragon's field development plan for theCheleken Contract area, off shore Turkmenistan. The Placing was arranged by Aton International Limited and Davy CorporateFinance Limited with Emirates Financial Services PSC as lead manager in the GCC.The Placing is now only conditional on admission of the Placing Shares to theofficial list of the Irish Stock Exchange and the UK Listing Authority and totrading on the main markets of the Irish Stock Exchange and the London StockExchange. Application has been made to the Irish Stock Exchange and to the UK ListingAuthority for the Placing Shares to be admitted to the Official List of theIrish Stock Exchange and the Official List of the UK Listing Authority andapplication has been made to the Irish Stock Exchange and the London StockExchange for admission of the Placing Shares to trading on their respective mainmarkets for listed securities. It is expected that admission of the placingShares to the Official Lists will become effective and that dealings willcommence, in respect of the Placing Shares by 2 June 2005. For Further Information: Dragon Oil plc, (+971 4 3348999) Hussain M. Sultan, Chairman / Essa Almulla, Chief Executive Officer Citigate Dewe Rogerson, (+44 207 638 9571) Martin Jackson Aton Financial Holdings. (+ 357 22 674488) Timerbulat Karimov Davy Corporate Finance Limited, (+353 1 679 6363) Hugh McCutcheon / John Frain Terms and currency translations defined in the Listing Particulars dated 29April 2005 have the same meanings in this announcement for consistency ofdisclosure. This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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