|Bid||57.40 x 1159700|
|Ask||55.80 x 1114500|
|Day's Range||56.80 - 57.50|
|52 Week Range||31.65 - 63.50|
|Beta (3Y Monthly)||1.59|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.76|
If the acquisition is not completed by 4 July 2019, the proceeds in the escrow account along with early redemption premium of 1% and accrued interest, which together will be pre-funded by Medco, will be used to redeem the bond in full. "Medco's B2 rating reflects its modest scale of operations, moderate degree of cash flow visibility from fixed-price natural gas sales and our expectations that its credit metrics will continue to improve over the next few quarters," says Rachel Chua, a Moody's Assistant Vice President and Analyst. "The improvement in Medco's credit metrics will be supported by its sale of non-core assets in line with its deleveraging plan and the strong operating cash flow generation from Ophir's portfolio once the transaction is complete," adds Chua, who is Moody's Lead Analyst for Medco.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Medco Energi Internasional Tbk (P.T.) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighbouring Miran oil and gas field in March. Genel said outgoing CEO Murat Özgül will not stand for re-election at the general meeting next month and will be a special adviser to the board.
Under the terms, Ophir shareholders will receive 57.5 pence per share in cash, the companies said in a joint statement. The increased offer comes after the Financial Times reported that hedge fund Petrus Advisers, which owns 3.94 percent of Ophir, planned to vote against Medco's bid because it undervalued the company. Petrus in February had called for alternatives to Medco's buyout offer and asked the company to put Petrus-backed directors in charge of overseeing the proposed changes.
Ophir Energy Plc on Wednesday said it had received a sweetened cash offer from Indonesian oil and gas group Medco valuing it at about 408.4 million pounds . Under the terms, Ophir Shareholders will receive ...
The Norwegian government's proposal to exclude oil and gas explorers and producers from its trillion-dollar sovereign wealth fund will affect 1.2 percent of the fund's equity holdings, the fund said on Friday. "According to the FTSE's definition, the fund held exploration and production companies with an approximately value of 66 billion kroner ($7.50 billion) by the end of 2018," it said in a statement.
SOCO said it believes that a share-based combination with Ophir would be challenging to accomplish after Indonesian oil and gas group Medco agreed to buy Ophir for a sweetened cash bid of $511 million in January. 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.
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.
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.