Dragon Oil has been made an undisclosed offer for its entire share capital by fellow Dubai-based Emirates Nation Oil Company (ENOC).

Dragon Oil has been made an undisclosed offer for its entire share capital by Emirates Nation Oil Company (ENOC).

“Dragon Oil plc has received an approach from Emirates National Oil Company Ltd L.L.C (ENOC) regarding a possible offer for the entire issued and to be issued ordinary share capital of Dragon Oil that it does not already own,” Dragon Oil said in a statement.

“There can be no certainty that any firm offer for the company will be made nor as to the terms on which any firm offer might be made.  Further announcements will be made as appropriate.”

Dragon Oil is headquartered in Dubai and has exploration and production assets across Central Asia, the Middle East and North Africa.

ENOC, also based in Dubai, develops donwstream and upstream assets across the oil and gas industry. Last month the company hired a five person M&A team to develop its acquisition strategy and increase its international upstream assets, according to a Reuters report.

Source: Oil and Gas Technology