Indonesian Operation - Photo by Ophir Energy Plc

JAKARTA (TheInsiderStories) - Indonesian oil & gas producer, PT Medco Energi Internasional Tbk (IDX: MEDC) get an extension to make an offer for Ophir Energy Plc’ shares, said the company on Monday (01/28). Last January, a company based in United Kingdom (UK) has rejected the offering of MEDC.

On October 2018, MedcoEnergi announced to acquire Ophir shares through its subsidiary Singapore’ Medco Energy Global Pte. Ltd. The publicly listed firm offered to acquire Ophir’s entire issued and to be issued share at price of GBP58 pence.

Otherwise, the company owned by Panigoro family also considered offering Fortuna LNG asset in Equatorial Guinea to Ophir’s shareholders. Following several discussions, MedcoEnergi cut its offering price to GBP53.8 pence a piece, on Dec. 20th, 2018.

Later, the offering price was set to declining once more. On Jan. 11, 2019, the producer updated the offering price to GBP48.5 pence per share.
“And (Medco) subsequently made a unilateral announcement without any further discussion,” said Ophir.
Previously, MedcoEnergi Director Anthony R. Mathias claimed the offering as a premium price. It represents 46.1 percent of 33.2 pence of Ophir’s closing shares on Dec. 28, 2018, 42.1 percent of 34.13 pence of the one-month average weighted volume, and 26.4 percent of 38.38 pence of the average weighted volume.
Ophir added, that Medco Global must announce a firm intention to make an offer for Ophir, at least on Jan. 28. The deadline will not be applied if there will be an extension agreement, or the company will make another offering prior the deadline.
Referred to the Ophir’ announcement, MedcoEnergi get an extension until 5.00 pm local time on Jan. 31, 2019. The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash.
The operator added, this deadline may be extended further with the consent of the Takeover Panel, at Ophir’ request. Medco Global has reserved the right to reduce this possible offer price by the amount of any dividend (or other distribution) which is subsequently paid or becomes payable by Ophir to its shareholders.
Ophir is an independent upstream oil and gas exploration and production company. It is listed on the London Stock Exchange (LEI: 213800LAZOZTKPAV258). The company focuses on Asia and Africa.
In the first half of 2018, Ophir’s production reached 11,400 barrel oil equivalent per day. It booked $102 million revenue and $43 million net funds flow from production. Then the net cash was $75 million and $371 million liquidity.
by Linda Silaen, Email: linda.silaen@theinsiderstories.com
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Linda Silaen
The Insider Stories Founder Linda Silaen has a solid, proven history, established over more than a decade as a journalist with a leading internasional news organization, of being the first with the biggest economic news stories in Indonesia. Specializing in corporate news, Linda is also a veteran of some of the biggest macroeconomic and general news stories as Indonesia rapidly transforms into a major market economy. One of the founders of the original blog from which this company developed, Linda’s knowledge of investors’ information communications and data us developed from unrivaled networking skills that make her a well-known name among CEOs, bankers, government officials and private equity investors both in Indonesia and other countries.

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