Deal insight
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 contains
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Cheleken Contract Area (Turkmenistan)
- Exploration assets
- Deal analysis
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Upsides and risks
- 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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