JAKARTA (TheInsiderStories) — Indonesia’ oil and gas producer PT Medco Energi Internasional Tbk (IDX: MEDC) expectation to own a Ophir Energy Plc. is nearly broken. The London-based upstream oil and gas producer has rejected the offering price of the local company.
“The Board has unanimously rejected the proposal as it undervalues Ophir price,” said Ophir’s official statement today (01/15).
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.
According to company’ official website, Ophir Energy’s upstream oil and gas exploration and production 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.
Written by Staff Editor, Email: email@example.com
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