SINOPHIL, a Philippine quoted company, has increased its stake in Dragon Oil from 12.5 per cent to 18.7 per cent. A total of 334.35 million shares were acquired from APC Group Incorporated for £4 million sterling, of which 199.95 million were at 1.0p sterling per share, and 134.4 million at 1.5p sterling per share.

Mr Roberto Ongpin, director of Sinophil and joint deputy chairman of Dragon, said the investment was made because "Dragon's prospects are significantly undervalued, hence my share purchase today".