Dragon Oil makes pitch for Petroceltic

Dragon Oil is considering an offer for the issued share capital of Petroceltic.

Offshore staff

DUBLIN, IrelandDragon Oil is considering an offer for the issued share capital of Petroceltic.

The Dubai-based company has completed a due diligence exercise supported by the Petroceltic board, which plans to advise its shareholders to accept the offer.

Petroceltic has exploration and production interests in theRomanian and Bulgarian sectors of the Black Sea, and was recently awarded license interests offshore Egypt.

Dragon produces oil and gas from its fields in the Turkmen sector of the Caspian Sea, and is also involved in exploration offshore North Africa and the Philippines.

10/06/2014

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