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Dragon Oil agrees to higher 750 pence/shr ENOC offer

Reuters - UK Focus

LONDON, June 15 (Reuters) - Turkmenistan-focused oil explorer Dragon Oil (LSE: DGO.L - news) said on Monday it had agreed improved takeover terms with Emirates National Oil Co (ENOC) after the group increased its offer to buy out the minority shareholders.

Dragon Oil said ENOC had increased its offer to 750 pence in cash per share, valuing the business at around 3.7 billion pounds ($5.75 billion). That would value the shares not already owned by ENOC at around 1.7 billion pounds.

ENOC, which already owns 54 percent of Dragon Oil, had in May made an offer of 735 pence.

($1 = 0.6436 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)