Medco Energi in talks to acquire Ophir Energy shares

An offshore oil and gas platform (Image credit : Ophir Energy)

JAKARTA (RambuEnergy.com) – PT Medco Energi Global PTE Ltd, a subsidiary of Indonesia’s listed oil and gas company PT Medco Energi Internasional Tbk (IDX:MEDC) is currently in talks to acquire Ophir Energy Plc shares.

“Further to the share price movement in Ophir, the Boards of Ophir and Medco confirm they are in discussions about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir,” Ophir said in a statement.

Ophir, however, noted that there can be no certainty that any offer will be made, or as to the terms on which any offer might be made.

In line with the prevailing regulations, Ophir announces that, by not later than 5.00 pm on Jan. 28, 2019 (the “Deadline”), Medco must either announce a firm intention to make an offer for Ophir or announce that it does not intend to make an offer for Ophir.

Ophir is an independent upstream oil and gas exploration and production company. It is listed on the London Stock Exchange.

Medco is a leading Southeast Asian energy and natural resources company listed on the Jakarta Stock Exchange with a market capitalization of approximately US$ 900 million, operating across three key business segments being Oil & Gas, Power and Mining.

In Oil & Gas, Medco has significant experience in managing complex and mature onshore and offshore assets and moving discovered and challenged resources to production, including LNG.

Medco’s oil and gas assets are based primarily in Indonesia but it is focused on expanding its Southeast Asia presence and adding to its existing international assets in the Middle East and North Africa.

Medco also operates gas, geothermal and hydro power plants in Indonesia through its 88% consolidated interest in Medco Power (12% held by the International Finance Corporation) and has an effective 39% non-consolidated interest in a large Indonesian copper and gold mine. (*)

Edited by Roffie Kurniawan (email: roffie.kurniawan@gmail.com)

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