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Mon 6 Oct 2014 11:36 AM

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Dubai's Dragon Oil eyes $785m deal for Irish firm

Oil and gas exploration, production company confirms it is in talks regarding bid for Petroceltic

Dubai's Dragon Oil eyes $785m deal for Irish firm
(Photo for illustrative purposes only)

Dubai-based Dragon Oil, an energy exploration, development and production company, on Monday confirmed that it is in discussions regarding a possible offer for Petroceltic.

Dragon Oil, which has Emirates National Oil Company (ENOC) as its majority shareholder and produces in Turkmenistan, said in a statement that the offer is of the order of 230 pence sterling per share in cash, or £492 million ($785 million) in total.

The offer is subject to the approval of Dragon Oil shareholders, a statement by Irish-based Petroceltic added.

"With the support of the Board and management team of Petroceltic, Dragon Oil has completed an extensive confirmatory due diligence exercise and has submitted to the Board of Petroceltic proposed offer terms of 230 pence sterling in cash per Petroceltic share," its statement said.

The completion of any offer by Dragon Oil would be subject to customary conditions for an offer for an Irish public company, as well as appropriate approvals from the Algerian Government in relation to the Algerian assets of Petroceltic, it added.

Petroceltic International is an oil and gas exploration and production company. Based in Dublin, it has operations in North Africa, the Mediterranean Basin and the Black Sea.

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