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Bowleven suitor Dragon Oil posts record results

DRAGON Oil has reported record financial results but stayed tight-lipped over a potential offer for Scottish exploration company Bowleven.

In 2011, Dragon's turnover increased by 47% from $780.4 million (£494m) to $1.15 billion (£728m) while profits were up 68% to $648.4m (£410m).

Dragon, majority owned by Dubai's Emirates National Oil Company, confirmed last week it was in the early stages of making an offer for Edinburgh-based Bowleven, which has the bulk of its interests in Cameroon.