Ophir Energy Plc said Jan. 30 it has agreed to be bought out by Indonesian oil and gas group Medco Energi Internasional Tbk for a sweetened bid of 390.6 million pounds (US$511.02 million) in cash.
The offer of 55 pence per Ophir share represents a 65.7% premium to Ophir's closing price on Dec. 28, the last trading day before Medco first announced a possible offer for the London-listed company.
Ophir's current output of 25,000 barrels of oil equivalent per day (boe/d) combined with Medco's stated 2018 target of 85,000 boe/d would make Medco, which has been expanding, the seventh largest non-national oil company upstream producer in Southeast Asia, according to research firm Wood Mackenzie. (US$1 = 0.7644 pounds)
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
The country was among several that are showcasing acreage available for oil and gas exploration, development and production.
In a two-hitter, Mid-Con Energy agreed to sell substantially all of its Texas properties while also picking up producing Oklahoma properties.