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Dragon Oil drops Petroceltic takeover on weak oil prices

Reuters - UK Focus

(Fixes spelling of Petroceltic in headline)

LONDON, Dec 1 (Reuters) - London-listed oil producer Dragon (SES: E1:MT1.SI - news) Oil has dropped its takeover offer for rival Petroceltic due to weak market conditions, nearly two months after the deal was first announced.

"Dragon Oil (LSE: DGO.L - news) now confirms that, in the light of prevailing market conditions, it no longer intends to make an offer for Petroceltic," the company said in a statement on Monday.

Petroceltic said in a separate statement that its flagship gas condensate project in Algeria was unlikely to be affected by weak oil prices.

(Reporting by Karolin Schaps, editing by Louise Heavens)