Dragon Oil proposal lights fire under Petroceltic share prices

 
Caitlin Morrison
Follow Caitlin
DRAGON Oil has proposed an offer of 230p per share for Irish oil and gas exploration company Petroceltic, which confirmed yesterday that it was in “detailed discussions” concerning a deal.

Petroceltic’s share price soared by over 22 per cent following the announcement, which valued the company at £492m, while Dragon Oil’s fell by 1.5 per cent. The Irish firm said its board had informed Dragon Oil that it would be willing to recommend a firm offer provided certain conditions are met.

Related articles