Dubai state-controlled Emirates National Oil’s offer to buy the remaining 48.5 per cent stakes in Dragon Oil was rejected by its shareholders.

Dragon Oil said in a statement that nearly 73 million shares were voted against the 455p-a-share bid that valued the exploration firm at £2.3 billion.

The bid failed to get the required support of at least 75 per cent of the shares voted.

ENOC was not allowed to take part in voting.

Now Dragon Oil will remain a majority-owned subsidiary of ENOC, which already has 51.5 per cent stake in the exploration company.

Standard Chartered advised ENOC, while Dragon Oil was advised by HSBC on the issue.

Shares in Dragon Oil slipped 13¼ pence to close at 379¾ pence in London.