Dragon Oil proposal lights fire under Petroceltic share prices

Caitlin Morrison
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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.

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