5th Jun 2009 07:00
Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where it would be unlawful to do so.
FOR IMMEDIATE RELEASE
4 June 2009
Emirates National Oil Company (ENOC) LLC (the "Company")
Statement regarding Dragon Oil plc
Emirates National Oil Company LLC (the "Company") notes the announcement made earlier today by the Board of Dragon Oil plc regarding a preliminary approach. The Company confirms that it has held preliminary discussions with Dragon Oil plc and is contemplating making an offer to acquire all of the outstanding shares of Dragon Oil plc that the Company does not currently own. On the basis of the information that the Company has regarding Dragon Oil plc as at the date of this announcement, it is currently considering an offer price that would represent a modest premium to Dragon Oil plc's closing share price as of 3 June 2009.
It should be emphasised that the evaluation process is at a very preliminary stage. Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur or, if an offer is made, as to the price at which the offer will be made. However, ENOC remains a committed long term majority shareholder.
Further announcements will be made as appropriate.
Enquiries:
Standard Chartered Tel: +44 (0) 20 7885 8888
Financial adviser to Emirates National Oil Company LLC
Amer Baig
Andrew Bartlett
Thomas Pfeiffer
The Directors of Emirates National Oil Company LLC accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Standard Chartered, which is authorised and regulated by the FSA, is acting for Emirates National Oil Company LLC and for no one else in connection with the contents of this announcement and will not be responsible to anyone other than Emirates National Oil Company LLC for affording the protections afforded to clients of Standard Chartered or for providing advice in relation to the contents of this announcement or any matters referred to herein.
Dealing disclosure requirements:
Any person who is interested in 1% or more of any class of relevant securities of Dragon Oil Plc may have disclosure obligations pursuant to Rule 8.3 of the Irish Takeover Panel Act, 1997, Irish Takeover Rules, 2007 to 2008.
Related Shares:
DGO.L