DRAGON Oil has been notified that Satellite Overseas Limited (SOL) and the Sinophil corporation have given irrevocable undertakings to take up to 200 million new shares at 2p each.

SOL and its subsidiary companies already hold 2.5 billion Dragon Oil shares and have options to subscribe for 321 million new shares. This has, however, been adjusted as a result of the Pounds 65 million rights issue, increasing its options to 390 million.