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Elliott Advisors says ENOC's offer undervalues Dragon Oil

Reuters - UK Focus

July 17 (Reuters) - Elliott Advisors (UK) Ltd became the latest shareholder of Dragon Oil Plc (LSE: DGO.L - news) to say Emirates National Oil Co Ltd's (ENOC) offer undervalued the oil producer.

Elliott said Dragon Oil could increase oil production "meaningfully in excess" of the company's target of 100,000 barrels of oil per day. The New York-based hedge fund said it owned about 3.3 percent of Dragon Oil.

Majority shareholder ENOC said on Thursday that it expected Dragon Oil to face operational challenges at its Cheleken field in Turkmenistan and should lower its target to 90,000 barrels in the near-term.

Baillie Gifford, which holds about 7.1 percent in Dragon Oil, and Setanta Asset Management, which owns about 3.1 percent, have also said ENOC's offer undervalued the company. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)