Dragon Oil has made one of the biggest oil discoveries in the Gulf of Suez, according to Egypt’s Ministry of Petroleum and Mineral Resources.
Energy giant BP has agreed to sell off its mature assets in Egypt’s Gulf of Suez for an undisclosed fee.
Petroceltic, the Irish oil and gas company focused on North Africa, Mediterranean and Black Sea, has received a further waiver of repayments from its lenders until January 29 as it seeks to find a buyer.
Kuwait Energy has confirmed oil production has begun at its Faihaa-1 well in Iraq, just 11 months since making the discovery.
A takeover bid by the Emirates National Oil Company (ENOC) for Dragon Oil has almost been completed. The company said its shares will be delisted from both the Dublin and London traded exchanges next month.
Dragon Oil’s revenue fell by 18% in the second quarter of the year compared with the same time in 2014 as the company felt the knock-on effect of a lower oil price . The company said the figures changed from $547million to $449million in 2015. Meanwhile profits also dropped by 52% from $289million to $139million.
Dragon Oil has confirmed that Ahmad Al Muhairbi has resigned from its independent directors’ committee after he was appointed to the board of major shareholder ENOC.
A major Dragon Oil shareholder has said Emirates National Oil Company (Enoc)'s bid to buy additional shares substantially undervalues the oil firm's potential.
Dragon Oil needs to reign in its production expectations, according to its majority shareholder.
Dragon Oil, the Central Asia focused exploration company, set a new production record last month, exceeding daily output in excess of 100,000 barrels for the first time. The company said it plans to sustain the 100,000 bopd average gross production for a minimum of five years from 2016.
Dragon Oil Plc, a Dubai-based explorer active in Turkmenistan, said its largest investor has made an offer to buy the shares it doesn’t already own. Emirates National Oil Co., owner of 53% of Dragon, has offered to buy the remaining shares “for a premium” to its 509.5 pence closing price on March 13, the state-owned refining company said in a statement.
The company, which is in a consortium with Kuwait Energy, had success in its Faihaa-1 exploration well, after targeting the Yamama formation. A spokesman said the discovery was made at 4,000 metres at the site in Northern Basra.