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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Overseas persons
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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.
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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
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2015
2014 Annual Report
In 2014, we continued to grow the average gross production in the Cheleken Contract Area, Turkmenistan, and exited the year at an impressive rate of 92,008 barrels of oil per day. We also added two exploration perimeters in Algeria to our portfolio of oil and gas assets and had two oil discoveries in Iraq.
2014 full-year results
With 14 development and appraisal wells completed in 2014 as well as solid field performance, we grew average gross production in the Cheleken Contract Area by 6.8% to 78,790 bopd. Drilling accelerated significantly in the second half of the year allowing us to exit at 92,008 bopd – well above our expectations of 87,000-90,000 bopd. Revenues grew by 4% to US$1.1 billion as a result of higher sales volumes, which were offset by lower realised prices. Our cash generating abilities remained strong: US$0.8 billion was generated from operations. The exploration well in Iraq yielded encouraging oil discoveries in both targeted formations and we added two exploration blocks in Algeria.
2014
2014 interim results
Revenues increased by 11% in 1H 2014 supported by better realised crude oil prices and higher sales volumes for our entitlement share of crude oil production from the Cheleken Contract Area in Turkmenistan. Sales volumes grew on the account of improved entitlement, which was 52% for the period compared to 44% a year ago. Average gross production in 1H 2014 was supported by two successful sidetracks and effective management of the existing production.
2013 Annual Report
In 2013, we achieved solid gross production growth of 9.1% and took delivery of new jack-up and platform-based drilling rigs to support our drilling programme in 2014 and beyond in Turkmenistan. At the same time, we added an exploration asset in the prolific southern Gulf of Suez region, Egypt, and, in January 2014, we announced a farm-in into an offshore block in the Philippines.
2013 full-year results
Compared to 2012, revenues in 2013 were down by 9% mainly on the back of lower realised oil prices, but nevertheless remained above US$1bn for a third year in a row due to gross production growth of 9.1%. Profits were lower by 15% primarily on account of higher provisional discount and lower crude oil prices; however, we maintained strong cash generating capabilities with US$0.8bn generated in 2013.
2013
2014 full-year results
With 14 development and appraisal wells completed in 2014 as well as solid field performance, we grew average gross production in the Cheleken Contract Area by 6.8% to 78,790 bopd. Drilling accelerated significantly in the second half of the year allowing us to exit at 92,008 bopd – well above our expectations of 87,000-90,000 bopd. Revenues grew by 4% to US$1.1 billion as a result of higher sales volumes, which were offset by lower realised prices. Our cash generating abilities remained strong: US$0.8 billion was generated from operations. The exploration well in Iraq yielded encouraging oil discoveries in both targeted formations and we added two exploration blocks in Algeria.
OGT 2013
Dragon Oil’s CEO Dr Abdul Jaleel Al Khalifa presented at the 18th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 19-21 November 2013.
Turkmenistan Invest 2013
Dragon Oil’s COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 5th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 17-18 October 2013.
2013 interim results
Solid production growth at 15% compared to the same period last year was achieved in the Cheleken Contract Area. Dragon OiI completed six wells, including one sidetrack; the underlying performance from the existing wells was strong and continues to hold. Revenue in the first half of the year was down by 16% primarily on account of lower realised crude oil prices at US$86 per barrel as a result of the revised pricing under the current marketing agreement.
2012 full-year results
We were pleased to report once again strong financial and operational results for 2012. We sustained the over-US$1 billion level in revenues as a result of strong oil prices and growth in production and finished the year with the average December production of robust 73,500 bopd.
2012
OGT 2012
Dragon Oil’s CEO Dr Abdul Jaleel Al Khalifa presented at the 17th Turkmenistan International Oil and Gas conference in Ashgabat, Turkmenistan on 14-16 November 2012.
Turkmenistan Invest 2012
Dragon Oil’s COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 4th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 15-17 October 2012.
2012 interim results
Dragon Oil has achieved solid financial results in the first half of the year. The oil price volatility during the period was significant ranging from a high of US$128/barrel to US$89/barrel on fears stemming from the eurozone crisis and supply concerns around the world. As we have entered the second half of the year, we expect the oil price volatility to continue. On the production side, the 10.7% growth over the 1H 2011 level is a significant growth considering that we had to choke down certain wells to control sand production in the second quarter of this year. This was achieved by the impressive 12 wells put into production since the beginning of the year.
2011 Annual Report
The development of the Cheleken Contract Area has reached a strong maturity phase: we set a target of reaching 100,000 bopd of gross production in 2015 and maintaining this level for a minimum of five years thereafter while we undertake a pilot water injection project to assess potential for higher production.
2011 full-year results
In 2011, we achieved a remarkable production growth, 30% increase in gross field production, which has translated into record financial results for the Group. The year also saw several significant infrastructure projects coming to fruition, including the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.
2011
2011 interim results
We continue to successfully ramp up production from the Cheleken Contract Area, which in the first six months of this year increased by 25% over the corresponding period in 2010. The first six months of 2011 were also a record in terms of revenues generated: the best ever result over comparable periods due to the continued strong production growth and high realized oil prices.
Turkmenistan Invest 2012
Dragon Oil’s COO Hussain Al Ansari presented at Turkmenistan Invest 2013, 4th Turkmenistan Investment Forum in Ashgabat, Turkmenistan on 15-17 October 2012.
2012 interim results
Dragon Oil has achieved solid financial results in the first half of the year. The oil price volatility during the period was significant ranging from a high of US$128/barrel to US$89/barrel on fears stemming from the eurozone crisis and supply concerns around the world. As we have entered the second half of the year, we expect the oil price volatility to continue. On the production side, the 10.7% growth over the 1H 2011 level is a significant growth considering that we had to choke down certain wells to control sand production in the second quarter of this year. This was achieved by the impressive 12 wells put into production since the beginning of the year.
2011 Annual Report
The development of the Cheleken Contract Area has reached a strong maturity phase: we set a target of reaching 100,000 bopd of gross production in 2015 and maintaining this level for a minimum of five years thereafter while we undertake a pilot water injection project to assess potential for higher production.
2011 full-year results
In 2011, we achieved a remarkable production growth, 30% increase in gross field production, which has translated into record financial results for the Group. The year also saw several significant infrastructure projects coming to fruition, including the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.
2010
2010 interim results
In the first half of 2010 we have continued to focus on driving production growth forward and investing in infrastructure to ensure we have the capacity to support this objective in the years ahead. We have employed a total of four rigs this year, with two of these continuing to operate on a full-time basis. In addition to the objective of completing 11 development wells by year end, we have also completed three workovers and one sidetrack to date as part of our drilling programme for 2010.
2009 Annual Report
Dragon Oil delivered solid results in 2009 driven by a strong operational performance against the backdrop of a steady recovery in oil prices during the year. We are proud to report that at the turn of 2009-10, Dragon Oil’s production hit the landmark level of 50,000 bopd. This is a significant achievement and is a testament to the hard work and dedication of all of our employees.
2009 preliminary results
Sales volumes of crude oil increased 40% in 2009 over the prior year although revenues were 12% lower primarily reflecting the much lower comparative oil price. However, net cash generated from operations continued to be strong at US$500 million with an earnings per share of 50.30 US Cents for the year. We have a strong balance sheet with a cash balance of over US$1 billion at year end 2009 which provides us with significant financial flexibility going forward.
2011 Annual Report
The development of the Cheleken Contract Area has reached a strong maturity phase: we set a target of reaching 100,000 bopd of gross production in 2015 and maintaining this level for a minimum of five years thereafter while we undertake a pilot water injection project to assess potential for higher production.
2011 full-year results
In 2011, we achieved a remarkable production growth, 30% increase in gross field production, which has translated into record financial results for the Group. The year also saw several significant infrastructure projects coming to fruition, including the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.
2009
2009 interim results
Revenues in the period were 29% lower at US$263.5 million compared with the level achieved during the same period in 2008. This is primarily due to significantly lower realised oil prices, at US$50/bbl (1H 2008: US$108/bbl) only partially offset by a 40% higher quantity of crude oil sold and change in the lifting position at the period end. We maintained our debt-free position with a healthy cash balance of US$875.4 million as of 30 June 2009.
2008 Annual Report
Dragon Oil had another successful year achieving a number of key operational and financial milestones and its robust financial health places it in a strong position to weather the global economic downturn. In 2008, we achieved 18% growth in revenue resulting in a 30% growth in operating profit. This was generated largely on the back of increased realised prices in 2008, despite a decrease in sales volumes.
2008 Annual Report
Dragon Oil had another successful year achieving a number of key operational and financial milestones and its robust financial health places it in a strong position to weather the global economic downturn. In 2008, we achieved 18% growth in revenue resulting in a 30% growth in operating profit. This was generated largely on the back of increased realised prices in 2008, despite a decrease in sales volumes.
2008 preliminary results
In 2008, we achieved growth of 18% in revenue to US$706 million (2007: US$597 million) and 30% in operating profit to US$474 million (2007: US$365 million) on the back of increased realised prices during last year. We raised the average daily production rate by 28% to 40,992 bopd at the end of 2008, beating our target of a 25% increase.