DRAGON OIL PLC 22 July 2015
DRAGON OIL PLC
(the 'Company' or together with its subsidiaries 'Dragon Oil' or the 'Group')
Change of Membership of the Independent Committee
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, has been notified today that Mr Ahmad Al Muhairbi has resigned from the independent committee of the Board of Dragon Oil (the 'Independent Committee') effective 13 July 2015 as a result of his appointment as a Director to the Board of Emirates National Oil Co (ENOC) L.L.C. ('ENOC') on 12 July 2015. This is as a result of a broader restructuring process of the ENOC Board.
Mr Ahmad Al Muhairbi has confirmed that he will recuse himself from any discussions and decision-making with respect to the ENOC offer process.
Mr Ahmad Al Muhairbi will remain on the Board of Dragon Oil as a non-independent Non-executive Director.
- end -
For further information please contact:
Investor and analyst enquiries
Dragon Oil plc (+44 (0)20 7647 7804)
Anna Gavrilova
Media enquiries
Citigate Dewe Rogerson (+44 (0)20 7638 9571)
Martin Jackson
About Dragon Oil
Dragon Oil plc is an international oil and gas exploration, development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan.
Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in, and is the operator of, the Production Sharing Agreement for the Cheleken Contract Area. The operational focus is on the re-development of two oil and gas producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
The Group has exploration blocks in Iraq, Algeria, Afghanistan, Egypt, Tunisia and the Philippines. Dragon Oil's diversification strategy is to add exploration and production assets within Africa, parts of Asia and the Middle East in order to create a diversified and balanced portfolio of assets for the Group.
www.dragonoil.com
RESPONSIBILITY
The directors of Dragon Oil accept responsibility for the information contained in this announcement relating to Dragon Oil, the Dragon Oil group of companies, the directors of Dragon Oil and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Dragon Oil (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
DISCLOSURE REQUIREMENTS OF THE IRISH TAKEOVER RULES
Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Dragon Oil, all 'dealings' in any 'relevant securities' of Dragon Oil (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by not later than 3:30 p.m. (Irish time) on the 'business day' following the date of the relevant transaction. This requirement will continue until the date on which a scheme of arrangement becomes effective or on which the 'offer period' otherwise ends. If two or more persons co-operate on the basis of any agreement either express or tacit, either oral or written, to acquire an 'interest' in 'relevant securities' of Dragon Oil, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.
Under the provisions of Rule 8.1 of the Irish Takeover Rules, all 'dealings' in 'relevant securities' of Dragon Oil by ENOC , or by any person 'acting in concert' with ENOC must also be disclosed by no later than 12 noon (Irish time) on the 'business day' following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.
If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, please consult the Irish Takeover Panel's website atwww.irishtakeoverpanel.ieor contact the Irish Takeover Panel on telephone number +353 1 678 9020; fax number +353 1 678 9289.
This information is provided by RNS
|
distributed by
|
