35IK 07sep2035c

RNS No 8333w
DRAGON OIL PLC
9th December 1998


                  DRAGON OIL PLC ("Dragon" or "the Company")                  
                                                                              
            - Notification of Interest in Ordinary Share Capital -            

This morning the Company received notifications from Nomura International
(Hong Kong) Ltd ("Nomura") and Sumitomo Finance International plc
("Sumitomo"), which notifications refer to previous notifications dated 22
July, 18 August and 28 August, 1998 in respect of an overseas securities
lender's agreement between Belle Corporation, Nomura and Sumitomo and went on
to state that, with effect from 8 December, 1998, Nomura and Sumitomo have
terminated the loan of securities under that agreement pursuant to which,
ordinary shares of IR25p each in the share capital of Dragon ("Shares") were
delivered to it.  Today's notification went on to state that Nomura and
Sumitomo alone have a continuing interest immediately following such
termination in 38,179,059 and 26,119,373 Shares respectively, which Shares are
currently registered in the name of Nomura Nominees Limited.

On 26 November, 1998, Dragon announced that Emirates National Oil Company Ltd
("ENOC") had acquired 160,000,000 Shares in Dragon (representing approximately
46% of the issued ordinary share capital of the Company) and, in accordance
with Rule 9 of the Irish Takeover Rules 1997, ANZ Investment Bank ("ANZ"),
acting on behalf of ENOC, will be required to make a mandatory cash offer at
Stg15p per Share to acquire all the Shares that ENOC does not already own.  In
the same announcement it was stated that Belle Corporation, the beneficial
holder of approximately 18.8% of the issued ordinary share capital of Dragon,
has informed ENOC that it intends to enter into an irrevocable undertaking not
to accept the offer.

The Company is urgently seeking clarification from Belle Corporation, Sumitomo
and Nomura in relation to the holding of 65,298,432 Shares which, based on the
latest information available to Dragon, prior to today's notification from
Sumitomo and Nomura, Dragon believed that Belle Corporation and Roberto
Ongpin, Joint Deputy Chairman of Dragon and Chairman of the Executive
Committee of Belle Corporation, continued to have a beneficial interest in.

END

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