|Bid||995.00 x 0|
|Ask||1,000.00 x 0|
|Day's Range||990.00 - 1,030.00|
|52 Week Range||615.00 - 1,600.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.10|
Moody's Investors Service has affirmed the B2 corporate family rating (CFR) of Medco Energi Internasional Tbk (P.T.) (Medco). Moody's has also affirmed the B2 ratings on the backed senior unsecured bonds issued by Medco Strait Services Pte. Ltd. and Medco Platinum Road Pte. Ltd.
Key InsightsThe deal represents a premium of 43 percent to the volume-weighted average share price over the three months before news broke of a possible offer. Jakarta-based Medco earlier floated a potential 48.50-pence bid, which Ophir rejected.Medco may now become the seventh-largest non-state producer in Southeast Asia, surpassing Hess Corp. and BP Plc in the region, according to consultant Wood MacKenzie Ltd. For Ophir, the deal eases pressure after the company lost a license in Equatorial Guinea over insufficient financing for a liquefied natural gas project.When a purchase at 55 pence was proposed earlier this week, analysts were split, with GMP FirstEnergy’s Stephane Foucaud saying it was a “good price,” while broker Stifel said it was 10 pence too low. Bloomberg Intelligence analyst Will Hares said Wednesday the bid is adequate, providing an exit option for shareholders worried about the direction of strategy following the African license loss.
Medco's offer of 55 pence per Ophir share came after Ophir rejected a previous $437 million, or 48.5 pence per share, potential buyout offer this month, saying it undervalued the company. Jakarta-headquartered Medco will become the seventh largest non-national upstream oil producer in Southeast Asia after the deal, according to research firm WoodMac. Ophir's market value has collapsed over 91 percent since the shares peaked to 566.4 pence in 2012.
Earlier this month, Ophir rejected Medco's $437 million potential buyout offer based on 48.5 pence per share saying it undervalued the company and that Medco had initially mooted 58 pence per share. Ophir's shares lost almost half of their value last year as it failed to find financing for a liquefied natural gas project in Africa's Equatorial Guinea. Ophir's current output of 25,000 barrels per day (bpd) of oil equivalent combined with Medco's stated 2018 target of 85,000 bpd of oil equivalent would make Medco, which has been expanding, the seventh largest non-national oil company upstream producer in Southeast Asia, according to research firm WoodMac.
Medco, which had made an unsolicited approach to buy Ophir in October last year, said on Friday it could offer 340 million pounds ($437 million) in cash for London-listed Ophir, which has assets in south-east Asia. Medco has made several overtures for Ophir. The Indonesian company's offer of 48.5 pence per Ophir share is significantly lower than its initial offer of 58 pence per share, having already reduced it to 53.8 pence in December.
(Reuters) - Ophir Energy (OPHR.L) said Indonesia's Medco Energi International (MEDC.JK) cut its possible cash offer for the British firm after it lost a liquefied natural gas project in Africa's Equatorial ...
Ophir's shares fell almost 50 percent last year as it failed to find financing for a liquefied natural gas project in Africa's Equatorial Guinea. Ophir's current output of 25,000 barrels per day (bpd) of oil equivalent combined with Medco's stated 2018 target of 85,000 bpd of oil equivalent would make Medco, which has been expanding, the seventh largest non-national oil company upstream producer in Southeast Asia, according to energy research firm WoodMac. "Medco confirms that while discussions with Ophir are continuing, an agreement on a recommended offer has yet to be concluded," Medco said in a statement following its first approach to buy Ophir last month.
The company, which is in talks to be acquired by Medco Energi Internasional Tbk PT, holds an 80 percent interest in the block which contains the Fortuna gas discovery. Ophir said that Medco knew it was possible that it would not get the licence extension for the block and that deal talks with the Indonesian company were continuing. Equatorial Guinea's Energy Minister Gabriel Obiang Lima had told Reuters in May last year that Ophir would be forced out of the project unless loan deals were presented to the government by December, adding that the country had already lined up a potential replacement.
* Energy stocks propel Indonesia to 8-mth high * Philippines posts 4 pct weekly gain, best in nearly 2 yrs * Vietnam records 4-week losing streak * Late surge helps Thailand snap 3 weeks of losses By Rashmi ...
Ophir Energy (UK:OPHR) became the second London-listed mid-cap oil-and-gas company to attract a suitor in recent weeks after it said it is in talks with Indonesia’s Medco Energi (ID:MEDC) about a potential all-cash takeover bid which could create a southeast Asian upstream powerhouse. The news sent shares in Ophir, which is focused on Asia and Africa, up by almost more than 32% on Wednesday, valuing the company at almost £334m. Medco, which didn’t disclose a value for the deal, has until January 28 to make a firm offer for Ophir or walk away for six months.
(Reuters) - Britain's Ophir Energy said on Monday it is in discussions for a possible all-cash takeover offer with a unit of Indonesia's Medco Energi Internasional Tbk PT (MEDC.JK). Ophir, an upstream ...
Singapore water treatment firm Hyflux Ltd, which is in the midst of a court-supervised reorganisation, said Indonesia's Salim Group and Medco Group had agreed to acquire 60 percent of the company for S$400 million ($290 million), a move that gives it a lifeline for its struggling business. The new joint venture called SM Investments Pte Ltd has also agreed to give Hyflux a loan of S$130 million, Hyflux and the two Indonesian firms said in a joint statement on Thursday. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would also give it a S$30 million loan ahead of the proposed equity investment to meet its working capital requirements.
Indonesian companies are getting some love from analysts. Textile company PT Sri Rejeki Isman as well as miners PT Medco Energi Internasional and PT Timah were among those with unanimous buy recommendations, data compiled by Bloomberg show. The benchmark Indonesian gauge climbed 2.4 percent in July, rebounding from a one-year low as analysts kept an optimistic profit outlook.
* Indonesia exported 8,637,595 tonnes of nickel ore up to March 31, 2018 since its ore export policy was revised in January, 2017, data from the mining ministry showed * Indonesia's bauxite exports reached ...