DGO.L Regulatory News (DGO)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

Dublin & London, 2 August 2015

For immediate release

Emirates National Oil Company Ltd. (ENOC) L.L.C. ("ENOC")

Recommended cash offer for the shares in Dragon Oil plc ("Dragon Oil")

not already owned by ENOC

Revision of Offer Price to 800 pence for each Dragon Oil Share

Valid Acceptances of 15.5 per cent. and Intended Acceptances of 1.32 per cent.

Further Irrevocable Undertakings (in addition to the Valid Acceptances and Intended Acceptances) obtained for 13.1 per cent. of Dragon Oil Shares

Offer declared unconditional in all respects and is best and final

ENOC intends to procure delisting of Dragon Oil shortly

Summary

· On 1 July 2015, the document containing the full terms of, and conditions to, a recommended cash offer for the Dragon Oil Shares not already owned by ENOC (the "Original Offer"), and the procedures for acceptance of that offer (the "Offer Document") was posted by ENOC to Dragon Oil Shareholders. Capitalised terms used but not otherwise defined in this announcement have the meanings set out in the Offer Document.

· The Board of ENOC today announces a revision to the Original Offer price of 750 pence for each Dragon Oil Share (the "Increased Offer"). Under the terms of the Increased Offer, effective immediately, Dragon Oil Shareholders will be entitled to receive:

800 pence in cash for each Dragon Oil Share

· The Increased Offer values the entire issued and to be issued share capital of Dragon Oil at approximately £4 billion and the issued and to be issued share capital of Dragon Oil not already owned by ENOC at approximately £1.8 billion. ENOC has confirmed to the Independent Committee that the Increased Offer price is final and will not be increased.

· ENOC has received firm irrevocable undertakings from Baillie Gifford and Elliott Capital Advisors to accept or procure the acceptance of the Increased Offer in respect of 64,505,038 Dragon Oil Shares representing 13.1 per cent (in aggregate) of the issued share capital of Dragon Oil (the "Further Irrevocables").

· As at 1.00 p.m. (Dublin time) on 31 July 2015, ENOC had received acceptances of the Original Offer valid in all respects relating to 76,568,990 Dragon Oil Shares (the "Valid Acceptances"), representing (i) approximately 15.5 per cent of the current issued share capital of Dragon Oil and (ii) approximately 33.1 per cent of the voting rights held by the Independent Shareholders on the date of the Rule 2.5 Announcement, which ENOC may count towards the satisfaction of the acceptance condition to the Offer. ENOC also had intended acceptances of the Original Offer relating to 6,502,572 Dragon Oil Shares (the "Intended Acceptances"), representing approximately 1.32 per cent. of the current issued share capital of Dragon Oil.

· ENOC waives the acceptance condition set out in paragraph 2(a) of Appendix I of the Offer Document together with the conditions set out in paragraphs 2(b) to (i) in Appendix I of the Offer Document and declares the Offer unconditional in all respects.

· Subject to the applicable requirements being met, ENOC intends to procure the de-listing of the Dragon Oil Shares from the Irish Stock Exchange and the London Stock Exchange.

· Dragon Oil Shareholders who have already validly accepted the Original Offer need take no further action; their acceptances will be treated as acceptances of the Increased Offer.

· This announcement will be posted to all Dragon Oil Shareholders, and the Increased Offer will remain open for acceptance until 3.00 p.m. (Dublin time) on 28 August 2015 (or such later time as ENOC may determine).

· Dragon Oil Shareholders who have not already done so should complete and return a Form of Acceptance as soon as possible. Completion and return of the Form of Acceptance that accompanied the Offer Document, being the Form of Acceptance for the Original Offer will be treated by ENOC as an acceptance of the Increased Offer.

· Commenting on the revision to the Original Offer on behalf of ENOC, Saif Al Falasi, Group Chief Executive said:

"We are pleased to have the support of the required majority of Dragon Oil Shareholders for our revised offer of 800 pence; including the two largest minority shareholders - Baillie Gifford and Elliott Capital Advisors. With the level of acceptances now received, we have declared the offer unconditional in all aspects.

I would like to thank all shareholders for their ongoing willingness to engage in a dialogue with us, enabling today's outcome to be achieved.

We will begin the process of delisting Dragon Oil from both the Irish and London Stock Exchanges shortly. Any additional minority shareholders wishing to accept the offer of 800 pence can tender their shares into our offer.

We look forward to taking operational control of Dragon Oil and integrating the company into the ENOC Group, moving another step closer towards creating a fully integrated oil & gas company."

· Commenting on the revision to the Original Offer on behalf of Baillie Gifford, Richard Sneller said:

"As a shareholder in Dragon Oil for a number of years we have seen the company grow significantly. We are now pleased to support the revised offer of 800 pence which we believe represents an attractive exit price."

· Commenting on the revision to the Original Offer, Elliott Capital Advisors stated:

"We appreciate the open and constructive dialogue that we have had with ENOC. We are pleased that we are able to support the offer and encourage other shareholders to do so."

· Commenting on the revision to the Original Offer on behalf of the Independent Committee, Thor Haugnaess, Chairman of the Independent Committee said:

"The Independent Committee is pleased that ENOC has increased its offer to 800p. We recommend that all shareholders accept the Increased Offer."

· The Independent Committee, which has been so advised by Nomura and Davy Corporate Finance, considers the terms of the Increased Offer to be fair and reasonable for the minority shareholders of Dragon Oil. In providing their advice, Nomura and Davy Corporate Finance have taken into account the commercial assessments of the Independent Committee. Accordingly, the Independent Committee unanimously recommends that the minority shareholders of Dragon Oil accept the Increased Offer.

Enquiries:

Legal Information

The release, publication or distribution of this announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement and all other announcements relating to the Offer are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction. Persons receiving such announcements (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so 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.

The directors of Dragon Oil accept responsibility for the information contained in this announcement relating to Dragon Oil, the Dragon Oil Group, the directors of Dragon Oil and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Dragon Oil (who have taken all reasonable care to ensure such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

The members of the Independent Committee accept responsibility for the information in relation to the Offer contained in this announcement. To the best of the knowledge and belief of the members of the Independent Committee (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

The Directors of ENOC accept responsibility for the information contained in this announcement other than that relating to Dragon Oil, the Dragon Oil Group, the directors of Dragon Oil and members of their immediate families, related trusts and persons connected with them and the information which is the responsibility of the Independent Committee contained herein. To the best of the knowledge and belief of the Directors of ENOC (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for ENOC and for no-one else in connection with the matters set out in this announcement and will not be responsible to anyone other than ENOC for providing the protections afforded to clients of Barclays nor for providing advice in connection with the matters set out in this announcement.

BofA Merrill Lynch, a subsidiary of Bank of America Corporation, is acting exclusively for ENOC and for no one else in connection with the Offer and will not be responsible to anyone other than ENOC for providing the protections afforded to its clients or for providing advice in relation to the Offer.

Nomura, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and Prudential Regulation Authority, is acting exclusively for the Independent Committee and no one else in connection with this announcement and will not be responsible to anyone other than the Independent Committee for providing the protections afforded to clients of Nomura nor for providing advice in connection with this announcement or any matter referred to herein.

Davy, which is authorised and regulated by the Central Bank of Ireland, is acting exclusively for the Independent Committee and no one else in connection with this announcement and will not be responsible to anyone other than the Independent Committee for providing the protections afforded to clients of Davy nor for providing advice in connection with this announcement or any matter referred to herein

A copy of this announcement will be available at www.dragonoiloffer.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, 'interested' (directly or indirectly) in 1 per cent. or more of any class of 'relevant securities' of Dragon Oil, all 'dealings' in any 'relevant securities' of Dragon Oil (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by not later than 3:30 pm (Irish time) on the 'business day' following the date of the relevant transaction. This requirement will continue until the date on which the Offer becomes effective or on which the 'offer period' otherwise ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an 'interest' in 'relevant securities' of Dragon Oil, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.

Under the provisions of Rule 8.1 of the Irish Takeover Rules, all 'dealings' in 'relevant securities' of Dragon Oil by ENOC, or by any party 'acting in concert' with either of them, must also be disclosed by no later than 12 noon (Irish time) on the 'business day' following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, can be found on the Panel's website at www.irishtakeoverpanel.ie.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Panel's website. If you are in any doubt as to whether you are required to disclose a dealing under Rule 8, please consult the Panel's website at www.irishtakeoverpanel.ie or contact the Panel on telephone number +353 1 678 9020 or fax number +353 1 678 9289.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

Dublin & London, 2 August 2015

For immediate release

Emirates National Oil Company Ltd. (ENOC) L.L.C. ("ENOC")

Recommended cash offer for the shares in Dragon Oil plc ("Dragon Oil")

not already owned by ENOC

Revision of Offer Price to 800 pence for each Dragon Oil Share

Valid Acceptances of 15.5 per cent. and Intended Acceptances of 1.32 per cent.

Further Irrevocable Undertakings (in addition to the Valid Acceptances and Intended Acceptances) obtained for 13.1 per cent. of Dragon Oil Shares

Offer declared unconditional in all respects and is best and final

ENOC intends to procure delisting of Dragon Oil shortly

1. Increased Offer

On 1 July 2015, the document containing the full terms of, and conditions to, a recommended cash offer for the Dragon Oil Shares not already owned by ENOC (the "Original Offer"), and the procedures for acceptance of that offer (the "Offer Document") was posted by ENOC to Dragon Oil Shareholders. Capitalised terms used but not otherwise defined in this announcement have the meanings set out in the Offer Document.

The Board of ENOC today announces a revision to the Original Offer price of 750 pence for each Dragon Oil Share (the "Increased Offer"). Under the terms of the Increased Offer, effective immediately, Dragon Oil Shareholders will be entitled to receive:

800 pence in cash for each Dragon Oil Share

The Increased Offer values the entire issued and to be issued share capital of Dragon Oil at approximately £4.0 billion and the issued and to be issued share capital of Dragon Oil not already owned by ENOC at approximately £1.8 billion.

The Increased Offer represents a premium of approximately:

· 57.0 per cent to the Closing Price of 509.5 pence per Dragon Oil Share on 13 March 2015 (being the business day immediately before the date of the first approach by ENOC);

· 50.2 per cent to the volume weighted average Dragon Oil Share price of 532.5 pence over the 90 day period ended 13 March 2015;

· 49.5 per cent to the Closing Price of 535.0 pence for each Dragon Oil Share on 16 March 2015 (being the last Business Day immediately before the commencement of the Offer Period); and

· 49.5 per cent to the volume weighted average Dragon Oil Share price of 535.1 pence over the 90 day period ended 16 March 2015.

ENOC has confirmed to the Independent Committee that the Increased Offer price is final and will not be increased.

2. Irrevocable Undertakings and Acceptances

As at 16 March 2015 (the day before the commencement of the Offer Period), ENOC confirms that it held 265,263,515 Dragon Oil Shares, representing approximately 53.9 per cent of the issued share capital of Dragon Oil at that date.

As at 1.00 p.m. (Dublin time) on 31 July 2015, ENOC had received acceptances of the Original Offer valid in all respects relating to 76,568,990 Dragon Oil Shares (the "Valid Acceptances"), representing (i) approximately 15.5 per cent of the current issued share capital of Dragon Oil and (ii) approximately 33.1 per cent of the voting rights held by the Independent Shareholders on the date of the Rule 2.5 Announcement, which ENOC may count towards the satisfaction of the acceptance condition to the Offer. ENOC also had intended acceptances of the Original Offer relating to 6,502,572 Dragon Oil Shares (the "Intended Acceptances"), representing approximately 1.32 per cent. of the current issued share capital of Dragon Oil.

ENOC has received firm irrevocable undertakings (the "Further Irrevocables") from:

· Baillie Gifford & Co. and its wholly owned subsidiary undertaking Baillie Gifford Overseas Limited (collectively, "Baillie Gifford") to accept or procure the acceptance of the Increased Offer in respect of 34,943,506 Dragon Oil Shares representing 7.1 per cent of the issued share capital of Dragon Oil; and

· Elliott Associates, L.P., Elliott International, L.P. and The Liverpool Limited Partnership (collectively, "Elliott Capital Advisors") to accept or procure the acceptance of the Increased Offer in respect of 100 Dragon Oil Shares and, to the extent that it is able, to direct the holders of the Dragon Oil Shares underlying its contracts for differences to accept or procure the acceptance of the Increased Offer in respect of 29,561,432 Dragon Oil Shares, in aggregate representing 6.0 per cent of the issued share capital of Dragon Oil.

The holdings and dealings of Baillie Gifford and Elliott Capital Advisors required to be disclosed by the Takeover Rules are set out in Appendix 1.

So far as ENOC is aware, none of the acceptances detailed above have been received from persons acting in concert with ENOC. In addition, as at 1.00 p.m. (Dublin time) on 31 July 2015, no persons acting in concert with ENOC had an interest in, a right to subscribe in or a short position in certain Dragon Oil relevant securities.

3. Recommendation of Independent Committee

The Independent Committee, which has been so advised by Nomura and Davy Corporate Finance, considers the terms of the Increased Offer to be fair and reasonable for the minority shareholders of Dragon Oil. In providing their advice, Nomura and Davy Corporate Finance have taken into account the commercial assessments of the Independent Committee. Accordingly, the Independent Committee unanimously recommends that the minority shareholders of Dragon Oil accept the Increased Offer.

The Independent Committee draws the attention of Dragon Oil Shareholders to paragraph 5 below, and to the steps that will be taken to, among others things, procure the de-listing of the Dragon Oil Shares.

4. Offer declared unconditional in all respects

ENOC announces that, in light of the Further Irrevocables referred to above, it is waiving the acceptance condition set out in paragraph 2(a) of Appendix I of the Offer Document together with the conditions set out in paragraphs 2(b) to (i) in Appendix I of the Offer Document and that the Offer is declared unconditional in all respects.

The Increased Offer will remain open for acceptance until 3.00 p.m. (Dublin time) on 28 August 2015 (or such later time as ENOC may determine). Dragon Oil Shareholders who have not yet accepted the Increased Offer and who wish to do so should take action to accept the Increased Offer as soon as possible. Details of the procedure for doing so are set out below. The Offer Document is also available at www.dragonoiloffer.com.

5. De-listing and cancellation of trading, compulsory acquisition and re-registration

Consistent with ENOC's intentions as described in the Offer Document, now that the Increased Offer is unconditional in all respects, ENOC intends (subject to the applicable requirements being met) to procure that Dragon Oil applies for cancellation of the listing of Dragon Oil Shares by the Irish Stock Exchange and the UK Listing Authority and the cancellation of the admission to trading of Dragon Oil Shares on the Irish Stock Exchange and London Stock Exchange's respective main markets for listed securities.

Subject to any applicable requirements of the Irish Stock Exchange, the UK Listing Authority and the London Stock Exchange, it is anticipated that the cancellation of the listing and admission to trading will take effect no earlier than 20 business days (as defined in the applicable Listing Rules) after ENOC announces that it has either (i) by virtue of acceptances of the Offer, acquired or agreed to acquire the Dragon Oil Shares that are the subject of the Required Acceptances; or (ii) issued compulsory acquisition notices under the relevant provisions of Part 5 of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006. The 20 business day period shall commence when such announcement is made. Such announcement is expected shortly.

Such a cancellation of trading of Dragon Oil Shares will significantly reduce the liquidity and marketability of any Dragon Oil Shares not acquired by ENOC.

If acceptances are received in respect of not less than 90 per cent. in nominal value of the Dragon Oil Shares Affected, ENOC intends to apply the provisions of Part 5 of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 to acquire compulsorily any remaining Dragon Oil Shares not acquired or agreed to be acquired by ENOC pursuant to the Offer or otherwise.

Following a cancellation of the listing and trading of Dragon Oil Shares on the Irish Stock Exchange and London Stock Exchange, and provided that it is permitted under the Act to do so, ENOC intends to procure that Dragon Oil is re-registered as a private company.

6. Dragon Oil Share Schemes

The Increased Offer extends to any Dragon Oil Shares which are unconditionally allotted or issued under the Dragon Oil Share Schemes before the date on which the Increased Offer closes. ENOC has confirmed that the proposals that have been made to all Dragon Oil Optionholders and Dragon Oil Awardholders will be amended to reflect the terms of the Increased Offer.

7. Financing Arrangements

The cash consideration payable by ENOC under the terms of the Increased Offer will be financed from the existing financial resources of ENOC. Full payment of the cash consideration would involve a maximum cash payment of approximately £1.9 billion. Barclays is satisfied that resources are available to ENOC sufficient to satisfy in full the cash consideration payable to Dragon Oil Shareholders under the Increased Offer.

8. Terms of the Increased Offer

The Increased Offer constitutes a revision of the Original Offer. The Panel has granted ENOC a derogation from the obligation in Rule 32.1(a) of the Irish Takeover Rules to post a revised Offer Document to Dragon Oil Shareholders, and has given ENOC permission to amend paragraphs 4.4 and 4.5 of Part B of Appendix I to the Offer Document so that references therein to a "revised offer document" or a "circular containing the opinion of the Independent Committee on the revised offer" shall be construed as references to this announcement. Accordingly, those paragraphs 4.4 and 4.5 are hereby so amended.

Save as expressly set out in this announcement, the terms of and conditions to the Offer remain unchanged and, with the exception of the increase in the Offer Price, there has been no material change to the information previously published by ENOC or Dragon Oil or on their behalf in relation to the Offer.

The Increased Offer will be governed by the laws of Ireland and will be subject to the requirements of the Irish Takeover Rules and applicable laws.

9. Acceptance of the Increased Offer

Dragon Oil Shareholders who have already validly accepted the Original Offer need take no further action; their acceptances will be treated by ENOC as acceptances of the Increased Offer.

This announcement will be posted to all Dragon Oil Shareholders, and the Increased Offer will remain open for acceptance until 3.00 p.m. (Dublin time) on 28 August 2015 (or such later time as ENOC may determine).

Dragon Oil Shareholders who have not already done so should complete and return a Form of Acceptance as soon as possible. All Dragon Oil Shareholders who have not already accepted the Offer but wish to accept the Increased Offer, whether they hold their Dragon Oil Shares in certificated (i.e. not in CREST) or uncertificated form (i.e. in CREST), should complete and return a Form of Acceptance as soon as possible. Completion and return of the Form of Acceptance that accompanied the Offer Document, being the Form of Acceptance for the Original Offer will be treated by ENOC as acceptance of the Increased Offer.

Instructions for completion of the Form of Acceptance are set out in paragraph 10 of Part II and Part C of Appendix 1 of the Offer Document, as well as in the Form of Acceptance.

If you hold your Dragon Oil Shares in certificated form (that is, not in CREST), to accept the Increased Offer, the Form of Acceptance should be completed, signed and returned in the envelope (reply-paid) that was enclosed with the Offer Document together with your share certificate(s) and/or other document(s) of title, by post to Capita Asset Services, Shareholder solutions, at P.O. Box 7117, Dublin 2, Ireland or (during normal business hours) by hand to Capita Asset Services, Shareholder solutions, 2 Grand Canal Square, Dublin 2, Ireland, as soon as possible and, in any event, so as to be received by not later than 3.00 p.m. (Irish time) on 28 August 2015.

If you hold your Dragon Oil Shares in CREST, to accept the Increased Offer, the Form of Acceptance should be completed, signed and returned in the envelope (reply-paid) enclosed with the Offer Document, by post to Capita Asset Services, Shareholder solutions, at P.O. Box 7117, Dublin 2, Ireland or (during normal business hours) by hand to Capita Asset Services, Shareholder solutions, 2 Grand Canal Square, Dublin 2, Ireland, as soon as possible and, in any event, so as to be received by not later than 3.00 p.m. (Irish time) on 28 August 2015 and you should ensure that you send (or, if you are a CREST sponsored member, procure that your CREST sponsor sends) a TTE instruction in accordance with the procedure set out in paragraph 10 (Procedure for acceptance of the Offer) of Part II of the Offer Document as soon as possible and, in any event, so that the TTE instruction settles not later than 3.00 p.m. (Irish time) on 28 August 2015.

If your Dragon Oil Shares are registered in the name of a nominee, you should contact your broker, investment dealer, bank, trust company or other nominee for assistance in respect of the Increased Offer.

If you have any questions about this document or are in any doubt as to the procedure for acceptance of the Increased Offer, please contact the Capita Asset Services, Shareholder solutions helpline on telephone number 01 5530050 (or +353 1 5530050, if telephoning from outside Ireland). The helpline cannot provide advice on the merits of the Offer or give any financial, legal or tax advice.

10. Settlement of consideration payable under the Increased Offer

Settlement of the consideration to which any Dragon Oil Shareholder is entitled under the Increased Offer, except as provided in paragraph 7 of Part B of Appendix I to the Offer Document in the case of certain Overseas Shareholders, will be effected:

(a) in the case of acceptances of received, complete in all respects, by the date of this announcement, within 14 days; or

(b) in the case of acceptances of the Increased Offer received, complete in all respects, after the date of this announcement but while the Increased Offer remains open for acceptance, within 14 days of such receipt.

All cash payments will be made in pounds sterling by a cheque drawn at a branch of an UK clearing bank.

11. Updated Information

The following table shows the Capital Closing Price of Dragon Oil Shares as derived from the Irish Stock Exchange and London Stock Exchange on the first dealing day in July 2015 and at the close of business on the latest practicable date prior to the release of this announcement. The share prices are sourced from the Daily Official Lists.

Enquiries:

Legal Information

The release, publication or distribution of this announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement and all other announcements relating to the Offer are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction. Persons receiving such announcements (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so 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.

The directors of Dragon Oil accept responsibility for the information contained in this announcement relating to Dragon Oil, the Dragon Oil Group, the directors of Dragon Oil and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Dragon Oil (who have taken all reasonable care to ensure such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

The members of the Independent Committee accept responsibility for the information in relation to the Offer contained in this announcement. To the best of the knowledge and belief of the members of the Independent Committee (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

The Directors of ENOC accept responsibility for the information contained in this announcement other than that relating to Dragon Oil, the Dragon Oil Group, the directors of Dragon Oil and members of their immediate families, related trusts and persons connected with them and the information which is the responsibility of the Independent Committee contained herein. To the best of the knowledge and belief of the Directors of ENOC (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for ENOC and for no-one else in connection with the matters set out in this announcement and will not be responsible to anyone other than ENOC for providing the protections afforded to clients of Barclays nor for providing advice in connection with the matters set out in this announcement.

BofA Merrill Lynch, a subsidiary of Bank of America Corporation, is acting exclusively for ENOC and for no one else in connection with the Offer and will not be responsible to anyone other than ENOC for providing the protections afforded to its clients or for providing advice in relation to the Offer.

Nomura, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and Prudential Regulation Authority, is acting exclusively for the Independent Committee and no one else in connection with this announcement and will not be responsible to anyone other than the Independent Committee for providing the protections afforded to clients of Nomura nor for providing advice in connection with this announcement or any matter referred to herein.

Davy, which is authorised and regulated by the Central Bank of Ireland, is acting exclusively for the Independent Committee and no one else in connection with this announcement and will not be responsible to anyone other than the Independent Committee for providing the protections afforded to clients of Davy nor for providing advice in connection with this announcement or any matter referred to herein

A copy of this announcement will be available at www.dragonoiloffer.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, 'interested' (directly or indirectly) in 1 per cent. or more of any class of 'relevant securities' of Dragon Oil, all 'dealings' in any 'relevant securities' of Dragon Oil (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by not later than 3:30 pm (Irish time) on the 'business day' following the date of the relevant transaction. This requirement will continue until the date on which the Offer becomes effective or on which the 'offer period' otherwise ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an 'interest' in 'relevant securities' of Dragon Oil, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.

Under the provisions of Rule 8.1 of the Irish Takeover Rules, all 'dealings' in 'relevant securities' of Dragon Oil by ENOC, or by any party 'acting in concert' with either of them, must also be disclosed by no later than 12 noon (Irish time) on the 'business day' following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, can be found on the Panel's website at www.irishtakeoverpanel.ie.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Panel's website. If you are in any doubt as to whether you are required to disclose a dealing under Rule 8, please consult the Panel's website at www.irishtakeoverpanel.ie or contact the Panel on telephone number +353 1 678 9020 or fax number +353 1 678 9289.

Appendix 1

Interests and Dealings Information

1. Interests and short positions in relevant Dragon Oil securities

As at the close of business on 31 July 2015, the latest practicable date prior to publication of this announcement, Baillie Gifford and Elliott Capital Advisors were interested in the following relevant Dragon Oil securities:

2. Dealings in relevant Dragon Oil Securities

2.1 During the disclosure period, there were no dealings in relevant Dragon Oil securities by Baillie Gifford, save as set out below

2.2 During the disclosure period, there were no dealings in relevant Dragon Oil securities by Elliott Capital Advisors, save as set out below