Welcome to

Dragon Oil

Dragon Oil is an upstream oil and gas exploration, development and production company.  The Group’s headquarters are in Dubai, United Arab Emirates. Dragon Oil is a privately held and wholly owned subsidiary of Emirates National Oil Company (ENOC) L.L.C.

Board of Directors

Senior Management

Corporate Governance

Dragon Oil places great significance on high standards of corporate governance as a means to emphasise the Group’s good business conduct and strong ethical culture. The Board recognises its role in providing effective and clear leadership and direction on all matters relating to the business of the Group, and specifically on corporate governance. This creates a robust culture of business integrity and performance, with a view to generating value for the Company and the shareholders, whose views must be clearly communicated to the Board. The management then translates the Board’s direction into actions through adequate and appropriate processes and procedures.

The Board has established the Audit, Remuneration and Nomination Committees and all three have written terms of reference setting out their authority and duties.

Audit Committee

The Committee supports the Board in carrying out its responsibilities in relation to financial reporting and reviews the effectiveness of the Group’s internal financial control and financial risk management systems. The Committee also monitors and reviews the effectiveness of the Group’s internal audit function and, on behalf of the Board, manages the appointment and remuneration of the external auditor as well as monitoring their performance, independence and objectivity.

Topics at Audit Committee Meetings

  • Audit, including external and internal;
  • Financial Statements, including interim results and Annual Report;
  • Governance and compliance matters; and
  • Reports from the whistleblower hotline.

Nominations Committee

The Nominations Committee is responsible for identifying and proposing candidates for appointment to the Board, having regard to the balance and structure of the Board.

Remuneration Committee

he primary responsibilities of the Remuneration Committee are to make recommendations to the Board on the framework for and the broad remuneration policies for the Group.

Risk overview

Dragon Oil adopted an Enterprise Risk Management (ERM) framework in 2012 and developed a methodology and process to mitigate potential business risks that can impact the Group’s ability to execute our strategy. The Group seeks to improve awareness and continuously strengthen its capabilities throughout the organisation to ensure that appropriate and suitable risk identification, assessment, treatment and monitoring as well as risk reporting are in place to help deliver the Group’s business objectives and targets.

Group Auditor

The Group Auditor is KPMG.

Internal Control

The Directors are responsible for the Group’s systems of internal control, which are designed to safeguard the assets of the Group and to ensure the reliability of financial information for both internal use and external publication and to comply with the Turnbull Committee guidance. The primary internal control procedures comprise the formal delegation of authorities by the Board to the executive management, and then a Control Framework with a number of subsidiary mechanisms including inter alia a financial authorities manual, tendering procedures and various financial and operational policies and procedures.

The control processes are complemented by effective monitoring and reporting mechanisms, not least of which are the annual reports to and reviews by the Audit Committee. The Directors are responsible for the implementation and review of the Group’s system of internal control appropriate to the various business environments in which it operates. The system has been designed to enable the Group to identify, evaluate and manage significant risks faced by the Group and includes the safeguarding of assets from inappropriate use or loss or fraud, the identification and management of liabilities, the maintenance of proper records to ensure quality internal and external reporting and compliance with the applicable laws and regulations governing its conduct of business.

The key internal control and risk management measures that the Directors have implemented in the parent and its subsidiary undertakings in relation to the financial reporting process and the process for preparing the consolidated Financial Statements are as follows:

  • Enterprise-wide risk framework;
  • Employment of competent persons;
  • Use of an appropriate ERP system for processing transactions;
  • Consideration of appropriateness of accounting policies through the Audit Review Papers;
  • Segregation of duties, authorisation limits and independent review;
  • Management review of key judgments and estimates;
  • Use of specialists, e.g. for valuations, as appropriate;
  • Budgetary control, variance analysis and monthly performance reviews;
  • An internal audit function;
  • Regular communication with external auditors.

Any system of internal control can provide only reasonable and not absolute assurance that material financial irregularities will be detected or that the risk of failure to achieve business objectives is eliminated. The Directors, having reviewed the effectiveness of the system of internal financial, operational and compliance controls and risk management, consider that the system operated effectively throughout the financial year and up to the date that the Financial Statements were signed.

Copyright © Dragon Oil 2019 — All rights reserved.

H.H. Sheikh Hamdan Bin Rashid Al Maktoum - Chairman

Deputy Ruler of Dubai and UAE Minister of Finance

Born in 1945, H.H. Sheikh Hamdan received his early education in the Emirates and then attended Cambridge University. Dragon Oil has progressed under the guidance and oversight of its Board under the Chairmanship of H.H. Sheikh Hamdan Bin Rashid Al Maktoum.

H.E. Saeed Mohammed Al Tayer- Vice Chairman

H.E. Saeed Mohammed Ahmed Al Tayer has an overall experience of more than 31 years in the field of telecommunications, energy and water.

Under his leadership since 1992 DEWA achieved unprecedented successes and has become one of the very best distinguished utilities in all aspects world-wide.

As an initiative of his own, several successful companies were established, including Emirates Central Cooling Systems Corporation (EMPOWER), and many other companies.

He is a member of Dubai Executive Council and Chairman of Infrastructure and Environment Committee, Vice Chairman of the Dubai Supreme Council of Energy (DSCE), Chairman of Dubai Smart City Office, Vice Chairman of Emirates Global Aluminium (EGA), Vice Chairman of Emirates National Oil Company (ENOC), and Chairman of UAE Water Aid (SUQIA) Board OF Trustees. Also, His Excellency is a member, vice chairman, or chairman of various high-level committees, and higher leading councils in the Emirate of Dubai.

He received a number of prestigious awards such as the “Middle East Champion of  Energy” award received at the World Green Economy Summit 2015 from the United Nations Development Programme (UNDP). Early in 2016, the UNDP appointed His Excellency as its “National Goodwill Ambassador for Sustainable Development”.

H.E. Abdulrahman Al Saleh - Board Member

His Excellency Abdulrahman Al Saleh is the Director General of the Department Of Finance of the Emirate of Dubai. He is also the Chairman of the Board of Directors of Dubai Financial Support Fund.

Prior to joining DOF, Mr. Al Saleh spent four years as the Senior Executive Director for Corporate Affairs in Dubai Customs (DC). In this role, he was responsible for managing the support departments for DC, which includes Finance, HR Management, HR Development and Admin Services.

He chaired a number of committees in DC such as introduction of Value Added Tax in Dubai, Employee Affairs Committee, Executive Credit Policy Committee and was a Member of Reform & Modernization Program Committee and Information Technology Steering Committee.

Prior to this, Mr. Al Saleh held numerous Finance and Accounting positions for government departments on a local and federal level. He gained experience in chairing and participating in various organizational and strategic committees including the Executive Credit Policy Committee and Task Force for Indirect Taxation.

Mr. Al Saleh is a member of Supreme Fiscal Committee and also a Board Member of Dubai World and the Chairman of Drydocks World. He was member of the High Committee for the Regulation of the Audit Profession in UAE (2002 – 2006).

He is a fellow member of the Chartered Institute of Management Accountants in the UK, and holds an Executive MBA from the American University of Sharjah.

Contact Us

DISCLAIMER-IMPORTANT

Recommended cash offer (the “Offer”) by Emirates National Oil Company Ltd. (ENOC) L.L.C. (“ENOC”), for the entire issued and to be issued share capital of Dragon Oil plc (the “Company”) not already owned by ENOC.

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This Microsite contains (or will contain) announcements, documents and other information (together, the “Information”) in connection with the Offer.  The Information contained in this Microsite is made available in good faith for information purposes only and is subject to the terms and conditions set out below.

The Information contained in this Microsite does not constitute an offer to sell or otherwise dispose of, or any invitation or solicitation of, any offer to purchase or subscribe for any securities pursuant to the Offer or otherwise in any jurisdiction in which such offer or solicitation is unlawful.

Please read this notice carefully – it applies to all persons who view the Microsite to access Information and, depending on who you are and where you live, it may affect your rights.  This notice and the Information contained in this Microsite may be altered or updated from time to time, and should be read carefully each time you visit this part of the website.  The Information speaks only at the date of the relevant information reproduced on this Microsite. The Company does not have, and does not accept, any responsibility or duty to update any such Information and reserves the right to add to, remove or amend any Information reproduced on this Microsite at any time.

The full terms and conditions of the Offer will be set out in the formal offer documentation (the “Offer Document”).  In considering the Offer, shareholders of the Company should only rely on the information contained, and procedures described, in the Offer Document.

Overseas persons

The Information contained in this Microsite is not for publication or distribution, directly or indirectly, in or into any Restricted Jurisdiction, and the availability of such Information (and any related offer) to shareholders who are resident in, or citizens or nationals of, jurisdictions outside the Ireland or the United States, or to agents, nominees, custodians or trustees for such persons, may be restricted by the laws of the relevant jurisdictions. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to observe such restrictions and/or requirements may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies involved in the Offer disclaim any responsibility or liability for the violations of any such restrictions by any person.  If you are not resident in, or a citizen or national of, a Restricted Jurisdiction, you may access the Information contained in this Microsite but you must first inform yourself about and observe any applicable legal requirements of your jurisdiction.  If you are not permitted to view any information in relation to the Offer by virtue of applicable laws or regulatory requirements, please do not enter this Microsite.

The Offer will not be made, directly or indirectly, in or into any jurisdiction where it would be unlawful to do so, or by use of mail, or by any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce, or by any facility of a national securities exchange of any jurisdiction where it would be unlawful to do so, and the Offer will not be capable of acceptance by any such mail, means, instrumentality or facility from or within any jurisdiction where it would be unlawful to do so.

If you are not permitted to view the Information contained in this Microsite, or viewing such information would result in a breach of the above, or if you are in any doubt as to whether you are permitted to view such information, please exit this web page or click the “decline” button below and seek independent advice.  Neither the Company nor any of their respective advisers, assumes any responsibility for any violation by any person of any of these restrictions.

Notice to US holders of the Dragon Oil Shares

The Offer will be made in the United States pursuant to the applicable US tender offer rules and otherwise in accordance with the requirements of the Irish Takeover Rules. Accordingly, the Offer will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments, that are different from those applicable under US domestic tender offer procedures and law.

The receipt of cash pursuant to the Offer by a US holder of Dragon Oil Shares (as defined in the Rule 2.5 Announcement) may be a taxable transaction for US federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of Dragon Oil Shares is urged to consult his independent professional advisor immediately regarding the tax consequences of acceptance of the Offer.

The Offer is being made for the securities of an Irish company and is subject to Irish disclosure requirements, which are different from those of the United States. The financial information included in this announcement, if any, has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States

It may be difficult for US holders of Dragon Oil Shares to enforce their rights and claims arising out of the US federal securities laws, since ENOC and Dragon Oil are located in countries other than the United States, and some or all of their officers and directors may be residents of countries other than the United States. US holders of Dragon Oil Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court’s judgement.

The Information contained in this Microsite does not constitute an offer of securities for sale in the United States.  No offer to acquire securities or to exchange securities for other securities has been made, or will be made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality of interstate or foreign commerce or any facilities of a national securities exchange of, the United States or any other country in which such offer may not be made other than: (i) in accordance with the tender offer requirements under the Exchange Act, or the securities laws of such other country, as the case may be, or: (ii) pursuant to an available exemption from such requirements.

Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved the Offer, or passed comment upon the adequacy or completeness of any of the Information contained in this Microsite.  Any representation to the contrary is a criminal offence in the United States.

In accordance with normal Irish practice and pursuant to Rule 14e-5(b) of the US Exchange Act, ENOC or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, Dragon Oil Shares outside of the United States, other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in Ireland by a RIS announcement and will be available on the Irish Stock Exchange’s website at www.ise.ie. If such purchases or arrangements to purchase are made they will be made outside the United States and will comply with applicable law, including the Exchange Act.

Forward-looking statements

Certain Information contained in this Microsite, including information included or incorporated by reference into such Information, contains statements which are, or may be deemed to be, “forward-looking statements” which are prospective in nature.  All statements other than statements of historical fact may be forward-looking statements.  They are based on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.  Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects”, “is expected”, “is subject to”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “targets”, “aims”, “projects” or words or terms of similar substance or the negative of them, as well as variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements would also include, without limitation, any projections relating to results of operations and financial conditions of Dragon Oil and its subsidiaries from time to time, as well as plans and objectives for future operations, expected future revenues, financing plans, expected expenditures and divestments relating to the Dragon Oil Group and discussions of the Dragon Oil Group’s business plan.  Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions.  Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, persons who access this Microsite are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of the relevant Information.  Each member of the Dragon Oil Group, and their respective members, directors, officers, employees, advisers and any person acting on their behalf, expressly disclaim any intention or obligation to update or revise any forward-looking or other statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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The construction of the desalination plant in 2009 served a dual purpose of providing water to our operations and improving the Community’s access to portable water.

New polyclinic

From 2011 to early 2013, Dragon Oil undertook a significant project, building a polyclinic in Hazar, Turkmenistan to provide healthcare services to our employees and the local community. In 2011, Dragon Oil completed the concept design and scope of work and awarded a contract for this US$5mn project to an international contractor. We are pleased to report that the polyclinic building and related infrastructure have been completed and the polyclinic is open to the citizens of Hazar and neighbouring towns.

We continue to lend support to the local community by undertaking smaller-scale community-support projects, such as the refurbishment of a local school and nursery. We also sponsored a number of sport and art-related events and committees in Hazar, Balkanabad and Ashgabat, Turkmenistan.

State of the art polyclinic in Hazar,Turkmenistan

As part of our corporate social responsibility activities, we aim to undertake projects that serve the community’s needs and improve people’s living standards as well as bring a better community life. Our primary focus is on such projects for the citizens of the Hazar town, where we have our operations base.

The construction of a state-of-the-art polyclinic and related facilities, equipped to a high standard and with all the necessary medical supplies, was a big project for Dragon Oil. The services provided at this polyclinic supplement the services offered at the existing polyclinic for the citizens of Hazar, our employees and the families of our local employees. The new polyclinic is located in the vicinity of the existing polyclinic, a hospital and a prophylactic centre.

The new polyclinic allows to provide medical treatments at brand new facilities with a focus on routine medical treatments, health awareness, disease prevention and health risk management.

The project called for a construction of a two-storey building with a total of 118 rooms allowing to treat up to 100 patients during two shifts per day. Specialist doctors’ rooms include gastroenterology, ear-nose-and-throat consulting with an operating room, ophthalmology, cardiology among other specialist consulting services.

Community programme

Smaller-scale community-support projects include refurbishment of a local school and nursery. During 2013, we sponsored a number of sports, social and cultural events in Hazar; we will continue to do so for the benefit of the community.

Dragon Oil Cup Tournament

In 2010, Dragon Oil and the Hazar urban sports committee set up the Dragon Oil Cup Tournament.

Here is a translation of an article published in Neutral Turkmenistan highlighting the results of the 5th tournament in Hazar, Turkmenistan.

The tournament launched in 2010 by the petroleum company together with the Hazar urban sports committee is held annually as Hazar open championships in a variety of sports. It quickly gained popularity among young people of this seaside region and the country. Youth sports competitions took place as part of the 5th Tournament for the Dragon Oil Cup in July 2014 with final matches between volleyball teams of Hazar sports school.

The games were kicked off by indoor soccer tournaments involving football players from Ashgabat and towns and districts of the Balkan region. During uncompromising matches, the team from the Ashgabat Olympic Reserve School won. Football players from Hazar took the second place, Kumdag players came third.

Basketball players from Ashgabat, Balkanabat, Dashoguz, Mary, Turkmenbashy and Hazar followed the football players in competing for the Dragon Oil Cup. The tournament hosts were undisputed leaders in these heated games. Teams of Mary and Balkanabat took second and third places in the tournament, respectively.

In the boxing ring of the Hazar Training and Health Centre sportsmen performed an unforgettable show. Boxers from cities of the Balkan region: Balkanabat, Kumdag, Serdar, Turkmenbashy and Hazar participated in the games for the Cup. Young and old came to admire athletes’ strength and dexterity in this courageous sport. The hall was packed. During the preliminary stage, noted by a significant suspense, boxers demonstrated unexpected tactical moves, endurance, perseverance and a strong will to win. The final matches attracted attention of the entire audience. Fans joyfully supported advances of young masters of the “leather glove” and each time welcomed their success by a storm of applause.

Impressive wins by Hazar boxers in these final matches brought them the first place in the overall team ranking. Sportsmen of Balkanabat received the second overall team place. Boxers from Serdar gained the third place on the podium.

The awards ceremony for the champions and prize winners of the Dragon Oil Cup Tournament marked the closing of the boxing tournament. Sponsors and organizers of junior sports competitions held on shore of ancient Hazar awarded certificates of commendation and commemorative gifts to sportsmen.

Read the original article in Russian by Mikhail Bobkin, Neutral Turkmenistan Newspaper

Work beyond Turkmenistan

We are extending our corporate social responsibility work to other regions of interest to us. In particular, Iraq is one of the countries where we feel there are significant opportunities for operators to explore and develop the country’s substantial hydrocarbon resources. One of the projects we are commencing in Iraq is the refurbishment of sanitary facilities at three secondary schools for girls in the Basra City, Iraq.
Refurbishment of sanitary facilities in the Basra region, Iraq

Introduction from the CEO

Dragon Oil demands and maintains the highest ethical standards in carrying out its business activities. This is necessary because Dragon Oil’s image is reflected by the people who work for the Dragon Oil Group of companies (the “Group”). Dragon Oil can only build and grow on solid foundations of integrity and strong ethics.

This Code describes the principles of Dragon Oil’s business ethics and is intended to assist all employees in meeting high standards of personal and professional integrity required of them. The Code applies to everyone who works for or with Dragon Oil, whether as employee, director, consultant, officer, contractor (and their subcontractors) or any other business partner.

Our ethics policy is straightforward: everyone working for or with Dragon Oil must uphold the highest standards of business integrity and ethics in the conduct of all Company activity, complying with both the spirit and letter of all applicable laws and regulations. Dragon Oil’s employees are expected to avoid any action or behaviour which could create even the perception that such behaviour is unethical, illegal or otherwise improper.

Irrespective of an employee’s position within Dragon Oil, he or she is involved in the business process including decision-making that affects Dragon Oil and other employees. It can sometimes be difficult to discern if a certain course of action will result in contravention of the provision of the Code. Also, certain situations may arise which may not be covered in our Code of Conduct. If there is any doubt as to whether a certain action is in compliance with the Code or any other Dragon Oil policy, it is expected that an employee will err on the side of caution and discuss the issue with his or her manager. If you have any questions concerning the legality of an action or the meaning of the Code, you should contact Dragon Oil’s Legal Department.

I am certain that as a team we will uphold the highest ethical standards.

Thank you,

Ali Rashid Al Jarwan
Chief Executive Officer
Dragon Oil

Please click here to read the Code in English

Please click here to read the Code in Russian

Externally administered confidential (or if requested, anonymous) reporting line is available in a number of languages 24 hours a day, 7 days a week. Or file an anonymous report at: www.safecall.co.uk/dragonoil
Alternatively, contact directly the Legal and Compliance Department or by email to compliance@dragonoil.com
Externally administered confidential reporting line:

In the UAE

tel: 800 DRAGON or +971 4 305 3450

Outside the UAE

tel: +44 191 516 7777

Supply chain management: local content

We believe in conducting ourselves according to the highest standards of business practice. This not only means being true to the Dragon Oil Code of Conduct, which we initiated in 2009; it means looking at how our business impacts the local host areas in which we work.

Having implemented our Dragon Oil Code of Conduct in 2009 to ensure best practice throughout the company, we followed it with a programme to ensure that our contractors follow our code as well. For every project, we conduct a competitive bidding process where we set out specific requirements defining quality, delivery and integrity. We select suppliers based on the best available offer while also taking into account reliability, experience and any previous working relationship we may have had with them.

In 2011, we started to encourage actively our suppliers to use locally sourced labour and materials. In 2012, we laid the foundation of this strategy by endeavouring that any tender we receive for major projects needs to comprise a minimum of 20% local content, if at all possible.

We are also leading by example. In 2010, we allocated land in the harbour area to contractors to allow them to construct platforms and gathering blocks near Dragon Oil’s operations. This not only helped us to supervise the contractors and keep to deadlines, but also had the effect of bringing more local jobs and orders for supplies to the area.

In 2011, the Dzheitune (Lam) Block 1 and C platforms were built in our ship yard followed by the Dzhygalybeg (Zhdanov) Block 4 gathering platform as well as the Dzhygalybeg (Zhdanov) B platform.

Use of local content brings benefits to everyone: our employees, our suppliers, the local community and our host government. Development of the Cheleken Contract Area fields means new opportunities for local businesses and new jobs for local people in, for example, construction and transport.

This helps to stimulate development of the small- and medium-sized enterprise sector within the country. We partner with more than 20 local companies for contractual work and materials supply, and the value of contracts awarded to local companies within the past three years amounts to approximately US$26mn. Currently more than 3,000 local workers are employed by our contractor companies working on infrastructure projects in the Cheleken area.

Ali Rashid Al Jarwan - CEO

On 4th March 2017 Al-Jarwan joined Dragon Oil as MD Exploration & Production and CEO.  He has over 3 decades of leadership and technical experience in E&P. Al-Jarwan earned a B.Sc degree in petroleum engineering from the University of Tulsa, Oklahoma; MBA from the International Institute of Management Development in Switzerland; and a degree in General Management from Cranfield School of Management in the UK.

Ali Rashid Al Jarwan held several leadership positions in ADNOC group among them is Chief Executive Officer of AbuDhabi Marine Operating Company (ADMA-OPCO) from June 2006 to June 2016.  He also served as Board Member in several organizations such as, NPPC, NDC, Atheer, IRSHAD and the Petroleum Institute.

Al-Jarwan has received several recognition awards, including the Society of Petroleum Engineers (SPE) ‘Regional Service Award’ in 1992, the distinguished SPE membership in 1999 and SPE/AIME (American Mining, Metallurgical and Petroleum Engineers) honorary membership in 2013, and The Lifetime Achievement Award in 2017.  He has also chaired several international conferences such as GEO in 2002, the 8th HSE International Conference in 2006 and ADIPEC 2006, 2008 and 2012.

Fareed Abdulla Al Hashmi - Executive Director - Petroleum Development

Fareed AlHashmi joined Dragon Oil in July 2017 as Executive Director – Petroleum Development and recently promoted to Chief Operating Officer – Operating Assets.

With over 35 years of experience in field development, drilling, operations and as well as management, he worked namely for ADNOC. Fareed holds a Bachelor of Science degree in petroleum engineering from WVU in USA.

In 2004, he was appointed as the Chairman of the newly formed ADNOC/ PI Research & Development Oil Sub-Committee. In July 2007 he was appointed as the Assistant General Manager (Existing Development). In January 2010 became responsible for Bab Field and ADNOC Sole Risks as Senior Vice President (Bab & Gas) and afterwards in 2013 became responsible for North East Fields.

He served as the Regional Director of the Society of Petroleum Engineers (SPE) representing Middle East and North Africa for the period 2013-2015. During the period 2008–2016, Fareed Served ADIPEC as Technical Program Chairman.

Ahmad Ali Bin Obood - Director of Finance and Planning

On October 2017, BinObood has joined Dragon Oil as the Director of Finance.  He has over 19 years of leadership and financial experience, mainly in the Government Sector. BinObood earned a B.Sc degree in Accounting from the Higher Colleges of Technology in Dubai, and an MBA from Zayed University; and a degree in Leadership from Harvard School.

Ahmad Ali BinObood is a strong team builder and promotes an atmosphere that encourages high talented professionals to balance high level skills with maximum production.  BinObood held several leadership positions including the Director of Finance at Dubai Health Authority in 2006, and the Finance Director at Dubai Land Department in 2009.  In 2012, he also served as the Director of Finance at the Prime Minister’s Office.
BinObood has received several recognition awards, such as the distinguished Government Employee across the Emirate of Dubai in 2005 within the Dubai Government Excellence Program.

In September 2019, BinObood was promoted to be the Chief Financial Officer of DragonOil.

Mana Bin Qutami - Executive Director of Corporate Services

Mana Bin Qutami, Executive Director of Corporate Services comes to us with finance background and over 15 years of experience in the public and private sectors and holds a Master’s Degree in Business Administration from the University of Sunderland in the United Kingdom.

He is responsible to lead, direct and manage Dragon Oil’s IT and Procurement services ensuring effective development and implementation of strategies, processes, policies, and procedures in order to support the achievement of business objectives in line with the vision.

Mana first joined Dragon Oil as Joint Venture Accountant handling Tunisia, Iraq and Afghanistan projects, he has then worked as Head of Operations in the Purchasing Department, after which he has served in the HR Department as the Director of HR & Admin before finally being assigned as Executive Director of Corporate Services. His career also includes experience of structured finance, merges and acquisitions from the banking sector.

Tayeb Huwair - Executive Director - Engineering & Projects, OPERATIONS

Mr. Tayeb Huwair: joined Dragon Oil on 21st May, 2017 as Chief Operating Officer (Non-Operating Asset) based in Dubai.  Tayeb holds a Bachelor’s degree from Tri State University, Indiana USA in Chemical Engineering.  Tayeb comes to us with over 25 years of experience in Project Management, Project Interfaces, Discipline Engineering, Field Development Concepts, Business Planning, Screening and Ranking of Capital Investments and Operation.  Before joining Dragon Oil, Mr. Huwair worked for ADMA-OPCO as Senior Vice President (Projectd & Engineering).

For all share certificate-related enquiries, please contact Dragon Oil’s Company Registrars:

Capita Asset Services, Shareholder solutions (Ireland)

2 Grand Canal Square

Dublin 2, Ireland

Tel: 00 353 1 553 0050

Fax: 00 353 1 224 0700

E-mail Capita Registrars

Website for Capita Share Portal

Tel for calls outside the UK: 00 44 (0)20 3367 2687.

Protecting your investment

Acquisition of 46% in Dragon Oil by ENOC

Emirates National Oil Company Ltd. (ENOC) L.L.C. (“ENOC”) acquired the remaining 46% in Dragon Oil it did not already own in 2015 at £8/share. The transaction completed in 2015. Please refer to the section on Recommended cash offer for more information.

To accept the offer post the deadline, please follow these instructions:

Shareholders wishing to accept after this date will need to write a short cover letter stating their intention to accept and, if they do not plan to use re-unification services offered by Capita, add that they are claiming their entitlement directly, then send it with their original share certificate (using recorded delivery) to

Dragon Oil
c/o Capita Asset Services
P.O. Box 7117
Dublin 2
Ireland

If you have questions on on the acceptance process, please call:

Capita Asset Services, Shareholder solutions helpline on telephone number 01 5530050 (or 00 353 1553 0050, if telephoning from outside Ireland), Option 4.

Suspicious phone calls

Dragon Oil has become aware of unsolicited calls to our shareholders to sell or buy Dragon Oil shares. Shareholders are advised to be cautious about any such unsolicited financial advice, offers to buy shares at a discount or offers of any free services.

Boiler room scams

Unsolicited correspondence, e-mails or calls concerning investment matters usually originate from overseas based ‘brokers’ who target UK shareholders.

If you have been contacted in this manner or you think that you may have become a target of a scam, please contact the Financial Services Authority (FSA) to file a complaint as soon as possible.

  • Ensure you get the full name of the person you spoke to and the organisation they represent, time of the contact if it is a call and the caller’s number;
  • Check they are properly authorised by the FSA before doing anything. You can check this on the FSA’s website.
  • Report it to the FSA. The FSA website maintains a list of overseas firms who have targeted or are targeting UK investors.

The website is https://www.fsa.gov.uk/consumerinformation/scamsandswindles

You can call the Consumer Helpline Monday to Friday (excluding Bank Holidays) from 8am to 6pm:
Telephone: 0845 606 1234
Typetalk: 18001 0845 606 1234

  • Inform our registrars, Capita Asset Services, Shareholder solutions (Ireland), by calling 00 353 1 553 0050.

How to protect your investment against fraud

To reduce the risk of becoming a victim of fraud:

  • Ensure that share certificates are stored in a safe place, or hold your shares electronically in CREST via a nominee account;
  • Keep correspondence from the Registrars, which shows a shareholder investor code in a safe place, or destroy correspondence by shredding;
  • When changing address, inform the Registrars;
  • If a letter from the Registrars is received regarding a change of address and there has been no recent move, contact the Registrars immediately. The shareholder concerned may be a victim of identity theft; and
  • When buying or selling shares, shareholders should deal only with brokers registered in their own country of residence or the UK.

Our CSR strategy revolves around a number of undertakings where we aim to:

  • Develop and empower our Turkmen national human capital;
  • Contribute in a meaningful way to the welfare of the community in Hazar to foster economic prosperity and well-being;
  • Undertake projects, which help to improve the living standards of both our employees and Hazar citizens in general, with a particular focus on health and education;
  • Promote social development and support education;
  • Undertake projects, develop and implement policies to protect the environment in the Cheleken;
  • Prioritise HSE by putting significant efforts into site HSE enforcement; and
  • Strengthen our relationship with suppliers by introducing the Code of Conduct into every contract.

At the heart of our People First culture is education, training and personal development. We know from experience how unlocking the potential of our people leads to a virtuous circle: when employees achieve more, they enjoy their roles more; and that sense of fulfilment drives even greater ambition, satisfaction – and the company’s growth.

2014 achievements

We also seek out the best training wherever it may be. Our Turkmen national employees regularly undertake professional training programmes abroad, as well as take up regular internships at our headquarters in Dubai. The latter also supports operations in the field and promotes knowledge-sharing through continuous learning and access to senior management.

Dragon Oil Centre of Excellence was launched in April 2010. The Centre of Excellence is dedicated to the training and development of our employees with a particular focus on our Turkmen national workforce.

The key objectives of the Centre of Excellence are:

  • To enhance and develop the skills and abilities of our employees; To help them develop right skills for more challenging roles in the future;
  • To help the employee reach his/her full potential by setting specific career goals and improving performance;
  • To introduce a continuous learning culture in the company and to provide the employees with necessary facilities to undertake learning;
  • To develop the skills of national employees in both operational and leadership roles to prepare and enable them to assume jobs of higher responsibility as per a defined succession plan; and
  • To provide more and better quality, cost-effective onsite training solutions and facilities for all on-the-job training.

Dividend History

YearPeriodDividend per share, US centsDividend per share, GB penceDividend per share, Euro centsAnnouncement dateEx-dividend dateRecord datePayment date
2014Final1610.915.117/02/201502/04/201507/04/2015 30/04/2015
2014Interim2012.015.105/08/201413/08/201415/08/201415/09/2014
2013Final1810.713.018/02/201402/04/201404/04/201401/05/2014
2013Interim159.711.306/08/201314/08/201316/08/2013 16/09/2013
2012Final159.811.412/02/201303/04/201305/04/2013 03/05/2013
2012Interim159.411.914/08/201222/08/201224/08/2012 20/09/2012
2011Final116.98.421/02/201228/03/2012 30/03/2012 27/04/2012
2011Interim95.76.610/08/201117/08/2011 19/08/201123/09/2011
2010Full-year148.69.922/02/2011 27/04/201103/05/201103/05/2011

Abdulkarim Ahmed AlMaazmi - Executive Director Exploration & New Ventures

Mr Abdulkarim Almaazmi is a veteran leader and amongst the most respected minds in the oil and gas sector. He has accumulated over 36 years of experience and a strong delivery record. His leadership was proven in significant businesses with large multi-cultural and multi-discipline teams.  Abdulkarim has built mutually respectful and influential business relationships with stakeholders in the Middle East Region and represented companies at senior executive positions.

Savvy visionary and is esteemed as a proponent of empowerment and accountability and is known for leading companies through changes and challenges to profitable growth.

In July 2011, he served as the President & General Manager of BP UAE, where he spearheaded the upstream segment in partnership with ADNOC and the Government of Sharjah. Under his leadership the company collectively produced around 235 thousand barrels of oil per day BP Net. He served as primary contact for onshore concession renewal (ADCO 2014) and offshore (ADMA 2018).

Abdulkarim joined Dragon Oil (ENOC) in May 2018 as Executive Director of Exploration & New Ventures. Overseeing interests in MENA region.

Additionally, his Board Memberships include:

  • Board member of ADCO, ADMA, ADGAS, NGSCO & Bunduq Abu Dhabi (2011-2016)
  • Board member of Anabeeb JV Company – Sharjah (2010 – 2016)
  • Governance Board member in Petroleum Institute – Abu Dhabi (2011- 2016)
  • Board of Trustees for Emirates National Development Program Dubai (2005 – 2013)Mr

Mrs. Badria Khalfan -Chief HR Officer

Mrs. Badria Khalfan – Chief HR Officer joined Dragon Oil on the 6th May 2018 with approximately 30 years of experience. Her passion is sharing her vast HR experience by managing and leading HR infrastructure through technology, compliance and people. Badria also enjoys in-depth, professional and hands on experience in different HR functions. Prior to joining Dragon Oil as a Director of Human Resources and Administration, Badria held several corporate HR leadership positions in the oil and gas industry.

Badria served also as a Human Capital Manager in ADMA-OPCO, Human Resource & Administration Deputy Director in ADNOC. She has played important roles as a Chairperson in different committees such as Job Evaluation Committee, ADNOC Group National Recruitment Committee, Supply & Procurement Evaluation Committee (SPEC) and Housing Allocation Committee (HAC).

Badria holds a BSc degree in Business Administration and an MBA in Global Leadership and Management from the University of United Arab Emirates.  She is an active member of many prominent HR organizations both on the national and International level.