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8 Pages

ENOC to acquire remaining 46.1% of Dragon Oil for US$1.77 billion

ENOC to acquire remaining 46.1% of Dragon Oil for US$1.77 billion

Report summary

The 750p / share offer implies an equity value of US$2.7bn (£1.7bn) for the net 46.1% interest – a net EV of US$1.8bn, given Dragon Oil's net cash position. Dragon Oil's core production asset is the offshore Cheleken Contract Area in Turkmenistan, where the targeted output of 100,000 b/d has been reached. The rest of the company's portfolio consists of exploration projects across six countries. We only value the Turkmen asset. We value the 46.1% stake at US$2.2bn (NPV10, 1 January 2015).

What's included?

This report includes 1 file(s)

  • ENOC to acquire remaining 46.1% of Dragon Oil for US$1.77 billion PDF - 668.46 KB 8 Pages, 8 Tables, 1 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Cheleken Contract Area (Turkmenistan)
    • Exploration assets
  • Deal analysis
  • Upsides and risks
    • Upsides
    • Risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

In this report there are 9 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Dragon Oil assets
    • Upstream assets: Table 1
    • Upstream assets: Table 2
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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