- Investment manager Baillie Gifford says Emirates National Oil’s offer to buy Dragon Oil (OTCPK:DRAGF, OTCPK:DRAGY) is too low and it would not accept the offer at the indicated price despite it being recommended by Dragon’s board.
- The 7.2% owner of Dragon Oil’s ordinary shares cites the success of the Cheleken contract area offshore Turkmenistan for its views.
- ENOC, a 54% shareholder, last week offered 750 pence/share for the remaining shares it does not already own in the Caspian Sea oil and gas producer, valuing Dragon’s equity at £3.7B ($5.73B).