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Dragon Oil's largest shareholder ENOC says no to dividend payment

Reuters - UK Focus

July 16 (Reuters) - Oil producer Dragon Oil (LSE: DGO.L - news) 's largest shareholder Emirates National Oil Co Ltd (ENOC) said it would no longer support payment of dividend to shareholders, stepping up the pressure in its bid to take over the company.

ENOC, which owns 54 percent of Dragon Oil, in June offered 750 pence per share to buy out minority shareholders. Major investors Baillie Gifford and Setanta Asset Management see that offer as inadequate.

ENOC said it expects Dragon Oil, which produces oil from Turkmenistan, to face operational challenges in meeting its long-term target production of 100,000 barrels of oil per day. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)