July 17 (Reuters) - Elliott Advisors (UK) Ltd became thelatest shareholder of Dragon Oil Plc to say EmiratesNational Oil Co Ltd's (ENOC) offer undervalued the oil producer.
Elliott said Dragon Oil could increase oil production"meaningfully in excess" of the company's target of 100,000barrels of oil per day. The New York-based hedge fund said itowned about 3.3 percent of Dragon Oil.
Majority shareholder ENOC said on Thursday that it expectedDragon Oil to face operational challenges at its Cheleken fieldin Turkmenistan and should lower its target to 90,000 barrels inthe near-term.
Baillie Gifford, which holds about 7.1 percent in DragonOil, and Setanta Asset Management, which owns about 3.1 percent,have also said ENOC's offer undervalued the company. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing byAnupama Dwivedi)