Article: Turkmenistan: Dubai s ENOC to Buy Dragon Oil.

Byline: manish03

Emirates National Oil Co. on Monday agreed to buy out the shares of Dragon Oil PLC that it doesn't already own for $1.15 billion, underscoring the race to develop Turkmenistan's vast oil and gas reserves.

Dubai-based Emirates National Oil Co., or ENOC, agreed to pay 455 pence ($7.47) a share in cash to acquire the remaining 48.5% of Dragon Oil shares. The offer represents a 35% premium to the share price June 3 the day before Dragon Oil said it had received an approach and values the whole company at $2.36 billion.

The independent oil and gas company, which is listed in Dublin and London, managed to extract a significant ...

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