Dubai's Enoc eyes "modest premium" for Dragon Oil

Dubai’s Emirates National Oil Company confirmed on Friday it is in talks to buy the outstanding shares it does not already own in Dragon Oil, the oil and gas group, with operations in the Caspian Sea.

ENOC, which already owns 48 per cent of the oil and gas producer, said any offer would represent a “modest” premium to the closing share price of 338¼p on June 3 before rumours of the talks began leaking to the market.

Shares in Dragon Oil rose 19 per cent or 64½p on Thursday to close at 402½p, valuing the share capital at £2.06bn. On Friday the shares in London opened trading down 3.4 per cent at 389p.