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Indonesia's Medco Energi offers 340 mln stg for UK-listed Ophir

Source: Reuters 1/13/2019, Location: Asia

Indonesian oil and gas group Medco Energi Internasional said it could offer 340 million pounds ($436 million) in cash for London-listed Ophir , which has assets in south-east Asia. Ophir's shares fell almost 50 percent last year as it failed to find financing for a liquefied natural gas project in Africa's Equatorial Guinea. It expects to write down $300 million on the project and also shift its headquarters from London to Asia, where it bought assets in 2018.

Ophir's current output of 25,000 barrels per day (bpd) of oil equivalent combined with Medco's stated 2018 target of 85,000 bpd of oil equivalent would make Medco, which has been expanding, the seventh largest non-national oil company upstream producer in Southeast Asia, according to energy research firm WoodMac.

'Medco confirms that while discussions with Ophir are continuing, an agreement on a recommended offer has yet to be concluded,' Medco said in a statement following its first approach to buy Ophir last month.

Medco said shareholders of Ophir would receive 48.5 pence in cash for each Ophir share, a 46.1 percent premium to Ophir's share price of 33.2 pence on Dec 28, the last business day before Medco Global announced the possible offer for Ophir.

Under British takeover rules, Medco's fully-owned subsidiary Medco Energi Global has until Jan 28 to make a firm offer or walk away.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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