Dragon Oil PLC said it is “in the preliminary stages of exploring a possible offer for all of the issued and to be issued share capital” of Bowleven PLC, Edinburgh.
Dragon Oil noted that UK regulations require the company by Mar. 16 to reveal a firm intention to make an offer or announce that it does not intend to make an offer. Bowleven said it is aware of Dragon’s announcement.
Dragon Oil is redeveloping Lam and Zhdanov oil fields on the Cheleken contract area in the Caspian Sea off Turkmenistan. Bowleven operates three shallow blocks in the Etinde permit in the Rio del Rey and Douala basins off Cameroon with 75% equity interest, and Vitol E&P Ltd. has 25%.