… an Anglo-Irish exploration company majority owned by the Emirates National Oil Company operating offshore Turkmenistan, in the Caspian Sea.
This statement was published on Thursday
On the advice of the executive management team and following a scheduled internal audit review, the Board of Dragon Oil has commenced an investigation into certain possible irregularities identified in its procurement procedures. These irregularities involve possible improper conduct between certain former senior managers in the Company’s Marketing and Contracts Departments. The Internal Audit Department and KPMG (Dubai) have been engaged to assist in this in-depth assessment.
The Board is investigating these irregularities and is undertaking a thorough review of all Company procurement procedures. The Board is taking appropriate legal advice on all matters associated with the investigation. The relevant authorities have been informed or are in the process of being informed of the investigation.
However, as a result of the identification of these alleged irregularities, the Board has decided to delay the publication of these results until it has had the opportunity to consider the initial results of the investigation and is in a position to determine the impact, if any, the investigation will have on the Company’s financial position.
and here’s Dr. Abdul Jaleel Al Khalifa, Chief Executive Officer.
This matter is completely unacceptable. Having identified the possibility of these irregularities, the Board is moving swiftly to investigate the possible irregularities and will take actions to ensure that purchasing procedures are operating properly and that appropriate actions are taken.
And the noddies, our occasional series highlighting non-executive officers who appear to have dozed off on the job.
Non-Executive Chairman
Mohammed Al Ghurair has a degree in mechanical engineering and is a prominent executive Director in a number of leading companies in the Middle East, including ENOC and the Saudi International Petrochemical Company.
Nigel McCue has 30 years experience in the upstream industry. He is President and CEO of Jura Energy Corporation, and a director of a number of other listed companies, including Lamprell plc, Sky Petroleum Inc and Nemmoco Petroleum Limited. Previously, Nigel was a Director and CFO of International Petroleum Corporation, a public company with worldwide interests in over 20 countries.
Ahmad Sharaf has a background as a reservoir engineer, including a Masters degree in petroleum engineering, and has extensive experience in the upstream oil and gas industry, having spent 15 years working in various positions around the world for ConocoPhillips. He left ConocoPhillips in 2004 and is now the Chief Executive Officer for Dubai Energy and is also a member of the Board of ENOC.
Ahmad Al Muhairbi also has a strong background in upstream oil and gas, with a comprehensive knowledge of well technology. Mr. Al Muhairbi has a degree in petroleum engineering and has been involved in field development and production since 1988, particularly with Margham Dubai Establishment.
Saeed Al Mazrooei received a Masters degree in gas engineering and management from Salford University in the UK and has focusedAl Mazrooei received a Masters degree in gas engineering and management from Salford University in the UK and has focused on various aspects of the gas industry since he joined Arco International in 1985. Mr. Al Mazrooei currently holds the position of Deputy Vice President of Operations for Dolphin Energy, as well as a number of directorships in other Middle Eastern companies.