Irish oil and gas firm acquired by Emirates National Oil Company

Dragon Oil, the London listed Irish oil and gas company has agreed to a full takeover by shareholder Emirates National Oil Company.

Emirates National Oil Company already holds 51.5% of Dragon Oil, having first acquired a stake in 1998. This purchase values the Irish gas-and-oil exploration and development firm at around $3.9 billion. Dragon Oil is a single-asset company and develops the Cheleken contract area in the Caspian Sea, offshore Turkmenistan. Read more on the MarketWatch.