Azerbaijan , Baku, Sept. 26 / Trend , G.Dadashova /
Dragon Oil announced that the company today proposes to implement a limited share buyback program of up to 5 million shares in the company.
The buy-back program will commence today and will run until the requisite number of shares has been acquired or, in any event, no later than Jan.31, 2012. The sole objective and purpose of the program will be to meet all relevant obligations arising from the Company's various share schemes, the company's report reads.
The buyback program will be executed pursuant to certain pre-set parameters and in accordance with the authorization, applicable laws and the Listing Rules.
Under the program, Davy and Nomura International plc ("Nomura") have been irrevocably authorized at their discretion to effect the purchases on the Irish and London Stock Exchanges in accordance with the above-mentioned authorization and relevant Irish and UK law and regulation. The trading decisions of Davy and Nomura will be made independently of and uninfluenced by the Company and may exceed 25% of the average daily trading volumes of the Company's shares over the 20 trading days preceding that date.