The Board of Dragon Oil has decided it will not proceed with a proposed corporate restructuring of the Company which was earlier announced by the Company on 27 March 2009. This announcement is made following an extensive review of the options for, and implications of, a corporate restructuring together with a period of shareholder consultation.

Dragon Oil currently has a primary listing on the both the London Stock Exchange and the Irish Stock Exchange. Dragon Oil meets the UK's highest standards of regulation and corporate governance and, in accordance with recent changes to the UK listing Regime, its London Stock Exchange listing has been designated as a premium listing with effect from 6 April 2010.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented, 'The decision not to proceed with the restructuring has been taken after extensive additional review by the Board of the advantages and disadvantages of such a process and has determined that Ireland remains an attractive jurisdiction for the holding company of the Group. Furthermore, the Board has taken on board the comments from its various stakeholders. Dragon Oil remains committed to maintaining the highest standards of corporate governance and the premium listing on the London Stock Exchange should help Dragon Oil develop its profile in international capital markets.'

Tags: Dragon Oil Plc