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Emirates National Oil Company (ENOC) LLC
Emirates National Oil Company LLC (the “Company”) notes the announcement made earlier today by the Board of Dragon Oil plc regarding a preliminary approach. The Company confirms that it has held preliminary discussions with Dragon Oil plc and is contemplating making an offer to acquire all of the outstanding shares of Dragon Oil plc that the Company does not currently own. On the basis of the information that the Company has regarding Dragon Oil plc as at the date of this announcement, it is currently considering an offer price that would represent a modest premium to Dragon Oil plc’s closing share price as of 3 June 2009. It should be emphasised that the evaluation process is at a very preliminary stage. Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur or, if an offer is made, as to the price at which the offer will be made. However, ENOC remains a committed long term majority shareholder.
