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)
RELATED: Medco Energi's Deadline For Ophir Takeover Extended
Recommended Reading
Regulators Greenlight CRC’s Carbon TerraVault I CCS Project
2024-10-22 - The approval by California’s Kern County Board of Supervisors clears California Resources Corp. to start construction activities for the carbon capture and storage project.
Despite Growth of CCS Projects, Profitability Remains Elusive
2024-12-04 - While costs are declining, CCS technologies remain expensive, with EOR and tax incentives spurring projects to capture and store CO₂.
SLB Capturi Completes First Industrial-Scale CCS Facility
2024-12-03 - SLB Capturi, a JV between SLB and Aker Carbon Capture, said it had reached a milestone with the world’s first industrial-scale carbon capture plant at a cement facility.
California Resources’ Carbon TerraVault Sees CCS Momentum
2024-11-07 - California Resources expects to receive a Class VI permit from the U.S. Environmental Protection Agency in December, the company’s CEO says.
Exxon Mobil Targets $2B More Earnings from Low Carbon Solutions
2024-12-17 - Exxon Mobil executives say the pace of growth for areas such as CCS, hydrogen and lithium vary due to uncertainty.