Dragon Oil's future as a public company has been secured after the mandatory offer by Emirates National Oil Company (ENOC) for the outstanding shares in Dragon closed with ENOC holding just more than 69 per cent of the company.

When ENOC, which is owned by the rulers of Dubai, the al Maktoum family, bought the 46 per cent of Dragon owned by Philippines businessman Mr Arafin Panigoro, it was required to make a mandatory offer for the remaining shares. ENOC made it clear, however, that it wished to retain Dragon as a public company.