Medco prices potential Ophir bid at $440 mln

Medco prices potential Ophir bid at $440 mln
Image courtesy of Ophir

Indonesian oil and gas company Medco Energi has informed Ophir Energy of the details on the potential offer. 

Ophir said in its statement on Friday that in the light of market developments and recent news related to Ophir, Medco has written to the Board of Ophir today indicating that, should an offer be forthcoming, shareholders of Ophir would be entitled to receive 48.50 pence for each Ophir share.

The offer, which would total $439.8 million, would represent a 46.1 percent premium to the closing price of 33.2 pence per Ophir share on December 28, 2018.

Medco added that the notice “does not amount to a firm intention to make an offer,” adding that there is no certainty that any offer will be made.

A major recent development affecting Ophir Energy was the decision by the Equatorial Guinea Ministry of Mines and Hydrocarbons to deny the extension the Block R licensee containing the Fortuna gas discovery.

Ophir intended to use the resources from the Fortuna discovery to develop its Fortuna FLNG project.

As negotiations between Medco and Ophir continue a number of potential outcomes with respect to our Fortuna asset are under consideration.

Share this article

Follow LNG World News

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

6th Mozambique Gas Summit & Exhibition

The CWC Group and ENH would like to thank all attendees, speakers, sponsors and exhibitors…

read more >

LNG2019

LNG2019 is presented by the IGU, GTI and IIR, supported by the Shanghai Government and hosted by China LNG Association, China Gas Society, The Chinese Association of Refrigeration and China Gas Association.

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

Meet with the Gas, LNG & Power Industry in Brazil & the Americas

read more >

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >