2009-11-11 12:32:14 - Baillie Gifford & Co notes the Offer dated 2nd November 2009 made by Emirates National Oil Company Limited (ENOC) LLC for Dragon Oil plc (“the Company”). In its opinion, the Offer materially understates the fundamental and strategic value of the Company.

Over the past decade, the Company has delivered very strong oil production growth which we believe should be sustained for a number of years to come. We would encourage management to continue its successful growth strategy and progress its proposed restructuring and application for primary listing on the London Stock Exchange, as announced by the Company on 27th March 2009.

This

would, we believe, raise the Company’s profile amongst global institutional investors and facilitate enhanced access to capital markets for future growth opportunities.

Richard Sneller, Head of Emerging Markets Equities at Baillie Gifford & Co, said: “We plan to reject the Offer on behalf of our clients, whose holdings under our management currently amount to 4.2% of the issued share capital of the Company, by voting against the scheme of arrangement and matters related to it.”

Baillie Gifford & Co would like to extend its appreciation to the Independent Committee and its Advisors for their hard work.

Baillie Gifford & Co is an independent asset management firm based in Edinburgh. It manages £53 billion for its clients as at end September 2009.

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