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In a major acquisition move, Indonesia’s Medco Energi has settled to acquire London-based Ophir Energy in $511 million. Medco’s recent offer followed the previous offer of $437 million which Ophir rejected stating that it undervalued the company. The Jakarta-based oil and gas group is looking to expand its reach to international assets. Post-acquisition, Medco will gain rights to assets in Tanzania and Mexico.
British energy company, Ophir Energy has informed that it has rejected Medco Energi’s International Tbk PT’s potential buyout offer. Indonesian oil and gas group made an unsolicited approach to buy Ophir in October last year offering 340 million pounds in cash. Meanwhile, Ophir’s shares lost almost half of their value after failing to find financing for its LNG project in Africa last year.
Well logging expert, Schlumberger, has pulled out of a joint venture with Golar Energy and Ophir Energy. The company said that the decision of leaving the One LNG scheme to develop the Fotuna Liquefied natural gas project in the Niger Delta was totally due to financial reasons. The first gas from the project is expected in 2020.