Statement regarding the potential acquisition of Ophir Energy plc (“Ophir”) by PT Medco Energi Global PTE Ltd (“Medco”) (a wholly-owned subsidiary of PT Medco Energi Internasional Tbk).
Further to the share price movement in Ophir, the Boards of Ophir and Medco confirm they are in discussions about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir.
This announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that any offer will be made, or as to the terms on which any offer might be made. A further announcement will be made as and when appropriate.
For the purposes of Rule 2.4(c) of the Code, in accordance with Rule 2.6(a) of the Code, Ophir announces that, by not later than 5.00 pm on 28 January 2019 (the “Deadline”), Medco must either announce a firm intention to make an offer for Ophir under Rule 2.7 of the Code or announce that it does not intend to make an offer for Ophir, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The Deadline will not apply in circumstances where either: (a) it has been either extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code; or (b) Rule 2.6(b) of the Code applies, by virtue of a firm intention to make an offer for Ophir having been announced by another offeror prior to the Deadline.
This announcement has been made with the consent of Medco.
Ophir is an independent upstream oil and gas exploration and production company. It is listed on the London Stock Exchange (LEI: 213800LAZOZTKPAV258).
Medco is a leading Southeast Asian energy and natural resources company listed on the Jakarta Stock Exchange with a market capitalisation of approximately USD 900 million, operating across three key business segments being Oil & Gas, Power and Mining.
In Oil & Gas, Medco has significant experience in managing complex and mature onshore and offshore assets and moving discovered and challenged resources to production, including LNG. Medco’s oil and gas assets are based primarily in Indonesia but it is focussed on expanding its Southeast Asia presence and adding to its existing international assets in the Middle East and North Africa.
Medco also operates gas, geothermal and hydro power plants in Indonesia through its 88% consolidated interest in Medco Power (12% held by the International Finance Corporation) and has an effective 39% non-consolidated interest in a large Indonesian copper and gold mine.
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