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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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From: allevett	6/7/2005 7:18:18 AM
	of 37387

07/06/2005 UAE: ENOC likely to retain Dragon Oil stake Dragon Oil Plc confirmed yesterday that it had received an approach for a minority stake, sending its shares surging. The partial offer, if made, would be in respect of the ordinary share capital not currently owned by Emirates National Oil Corporation Company Limited, which has informed the board that it intends to retain its shareholding in the company. The approach is preliminary in nature, and thus there can be no certainty that an offer will ultimately be forthcoming and a further announcement will be made in due course. Officials at ENOC, which has a 52% stake in Dragon Oil, could not be reached for comment, but whatever approach there is, ENOC will not be selling, a source familiar with the situation has suggested. Last month, the Russian oil major Lukoil and ENOC both denied a newspaper report that Lukoil had agreed to buy ENOC’s stake in Dragon Oil, which was estimated to be worth up to $600 million, although it seems many parties had expressed an interest in buying a stake in Dragon Oil.

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