Readers furious about ENOC's Dragon Oil plans

ArabianOilandGas.com readers hit out at ENOC's plan to buy Dragon Oil

BLOG

It seems that our recent reports regarding ENOC’s potential takeover of Dragon Oil have got a lot of our readers a little bit hot under the collar.

In fact we don’t think that such a fuss has been made over a dragon since St George strapped on his armour back in the olden days.

One reader has even started a website I've setup a website aimed at bringing together Dragon Oil’s many private investors.

The large hedge funds such as Noster in the UK, have even chipped in stating that their large shareholding will not be sold off cheaply.

So, to spare you trawling through the archives to read them for yourselves we thought that we’d publish the best of them on the blog.

Oh and if you’re an employee of ENOC, best to look away now.

(Some comments have been edited for size, but not for content)

Dragon should have dismissed the approach with a "modest premium" immediately as being derisory. They should have then got on with running the business instead of putting everything on hold. This whole sorry affair has brought Enoc (Dubai) and all of the participants into disrepute.  By the way I will be voting a BIG NO !!!
David Brennan, St Albans, UK

I agree totally with my fellow shareholders who have posted here. ENOC is acting as if this is a done deal, which it is not. I will NOT vote in favour of this acquisition and I rejoice in the news that Baillie Gifford agrees with me.
Johnsevtwo, Leicester, UK

Just what is the point of doing the research and taking a long term view of investing in Dragon Oil just to see it being taking over for less than 50% of it's true worth? I would be very interested to see what price Enoc would accept for selling their share of Dragon. Rest assured, minority shareholders will vote against this proposed takeover.
Mr Sensible
, London, UK

So now we have Noster along with Baillie Gifford showing that at least two Fund/Capital management firms are not looking for a quick buck, but rather long term returns. Just like most of the small private investors in Dragon we see massive long term potential in this high growth, strategically placed company. The PIs salute them both for having vision.
Noel Brett, Galway, Ireland

We cant really blame ENOC for trying it on at a silly price - Nothing wrong with a bit of bartering. I'm sure they'll come up with a better price. But what really smells is the apparent complicity of the so called ‘independent panel’ and its advisors, who unbelievably recommended this offer at a level way below truly independent third party estimates of net asset value, let alone the much higher going concern value.
Martin Delaney, Port Glasgow, UK

I for one, as a small share holder am dead against this takeover, it feels like ENOC are tyring to get my Dragon Oil shares from me for an absolute pittance. There is no way Dragon Oil with all of its valuable assets and potential should be sold off for such a ridiculously small amount of money. I am so pleased to see that some of the larger (minority) shareholders have decided very sensibly to vote against this offer. There is no way this takeover bid should be allowed to go through.
Robert McKay, Canada

Do you think Dragon Oil is being undervalued by ENOC? Take part in our poll by clicking here.

Newsletter

Most Popular

Digital Edition

Oil & Gas Middle East - September 2020

Subscribe Now