Dubai-based Emirates National Oil Co (Enoc) will not increase its bid for Dragon Oil, an independent oil development and production company, the group's chief executive said on Monday.

"Despite what analysts say it is not underpriced and we will not increase our price and this is a final decision," Saeed Khoory told reporters on the sidelines of a conference.

Dragon Oil said last week the Dubai state-owned refiner had confirmed it would not increase its takeover offer from 455 pence ($7.56) per share. – Reuters