Deal insight

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

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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 contains

  • Document

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

    PDF 668.46 KB

Table of contents

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

Tables and charts

This report includes 9 images and tables including:

Images

  • Dragon Oil assets

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Upstream assets: Table 2

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