UPDATE: PT Medco's Latest Proposal Lower Than Two Previous - Ophir

LONDON (Alliance News) - PT Medco Energi Internasional Tbk's possible offer for Ophir Energy PLC ...

Alliance News 11 January, 2019 | 2:04PM
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LONDON (Alliance News) - PT Medco Energi Internasional Tbk's possible offer for Ophir Energy PLC is well below what it proposed in October, Ophir said Friday.

Earlier Friday, PT Medco said if it makes an offer for the company it will be worth 48.50 pence per share, valuing Ophir at about GBP343.0 million.

However, Ophir has said an "unsolicited" approach was made in October, with an offer price of 58.0p.

Ophir then granted PT Medco access to due diligence to look at Ophir's Fortuna LNG asset in Equatorial Guinea, which could have made Ophir's October proposal even higher.

In December, Ophir continued, PT Medco then made a revised proposal of 53.8p. This followed a lack of progress on Fortuna LNG due diligence and a fall in the oil price.

Ophir shares were 2.3% higher on Friday at a price of 44.00p.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Ophir Energy PLC 44.90 GBX 1.35 -
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