(Adds Dragon Oil response)
LONDON, May 21 (Reuters) - Emirates National Oil Co (ENOC)went public with an offer to buy out minority shareholders inDragon Oil, saying talks with a committee set up by theTurkmenistan-focused oil explorer had not yet produced theendorsement it believed its "full and fair" bid warranted.
ENOC, which already owns 54 percent of Dragon Oil, had madean approach to buy the remainder on March 15, set at anundisclosed premium to Dragon's closing price of 509.5 pence onMarch 13.
ENOC said its latest proposal, which values Dragon Oil at735 pence a share or 3.6 billion pounds ($5.6 billion) in total,was made to the company's independent committee, set up afterENOC made its first proposal, on May 14.
It said the offer represented a substantial increase on itsopening gambit and it believed it was fit to recommend toshareholders. Dragon Oil said it had received the offer and its committee was still considering it.
"There is great uncertainty in the sector and we believe, asa long term and supportive shareholder, that Dragon Oil hasachieved as much as is possible through its existing upstreamstrategy," ENOC Chief Executive Saif Al Falasi said in astatement issued shortly before Thursday's London stock marketclose.
"Moreover, Dragon Oil stands to benefit significantly frombeing part of the integrated platform that ENOC offers. To thatend, we want to ensure that all of Dragon Oil's shareholdershave the opportunity to evaluate the proposal on its merits."
ENOC said buying Dragon Oil would help it become afully-integrated global oil and gas company, by adding thetarget's upstream operating experience.
The independent committee, which includes four of Dragon'snon-executive directors, is being advised by NomuraInternational and Davy.
Shares in the company closed up 5.4 percent at 680p.($1 = 0.6381 pounds) (Reporting by Paul Sandle; Editing by David Holmes)