Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  INDONESIA STOCK EXCHANGE  >  Medco Energi Internasional Tbk PT    MEDC   ID1000053705

MEDCO ENERGI INTERNASIONAL TBK PT (MEDC)
My previous session
Most popular
  Report  
No quotes available
-- IDR   --.--%
01/14MEDCO ENERGI INTERNASIONAL TBK PT : UK's Ophir Energy rejects Medco's buyout offer
RE
SummaryNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Indonesia's Medco Energi offers 340 mln stg for UK-listed Ophir

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 09:05am EST

(Reuters) - Indonesian oil and gas group Medco Energi International Tbk PT said on Friday it could offer 340 million pounds ($436 million) in cash for London-listed Ophir, which has assets in south-east Asia.

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. It expects to write down $300 million on the project and also shift its headquarters from London to Asia, where it bought assets in 2018.

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.

Medco said shareholders of Ophir would receive 48.5 pence in cash for each Ophir share, a 46.1 percent premium to Ophir's share price of 33.2 pence on Dec. 28, the last business day before Medco Global announced the possible offer for Ophir.

Under British takeover rules, Medco's fully-owned subsidiary PT Medco Energi Global has until Jan. 28 to make a firm offer or walk away.

In response to Medco's move on Friday, Ophir said the Indonesian company had in October made an unsolicited approach to buy Ophir at an offer price of 58 pence per Ophir share which was reduced to 53.8 pence in December.

Ophir said that following the absence of a licence extension on the Africa asset and a decline in oil price, Medco submitted a revised proposal on Dec. 20 of 53.8 pence per Ophir share.

"This morning, Medco submitted an updated possible offer ... and subsequently made a unilateral announcement without any further discussion," Ophir said.

Founded by oil and gas tycoon Arifin Panigoro, Medco has made sizeable acquisitions in recent years, including leading a $2.6 billion purchase of the Indonesian unit of Newmont Mining Corp in November 2016. It also operates power plants in Indonesia.

Medco, headquartered in Jakarta, earns the bulk of its revenue from oil and gas operations, mainly in Indonesia. The firm has focussed on expanding its Southeast Asia production and adding to its existing assets in the Middle East and North Africa.

Standard Chartered Bank is acting as financial adviser to Medco.

Shares in Ophir, which has a market value of 305 million pounds, were 3.4 percent higher at 44.5 pence at 1138 GMT.

(Additional reporting by Shadia Nasralla; Editing by Shinjini Ganguli; Editing by Elaine Hardcastle)

By Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
MEDCO ENERGI INTERNASIONAL TBK PT --End-of-day quote.
NEWMONT MINING CORPORATION 1.74% 31.56 Delayed Quote.-10.48%
OPHIR ENERGY PLC -1.63% 43.675 Delayed Quote.24.37%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MEDCO ENERGI INTERNASIONAL
01/15OPHIR ENERGY : rejects 360mln takeover offer from Indonesian oil giant
AQ
01/14MEDCO ENERGI INTERNASIONAL TBK PT : UK's Ophir Energy rejects Medco's buyout off..
RE
01/11MEDCO ENERGI INTERNASIONAL TBK PT : Ophir says Medco cut possible offer price af..
RE
01/11Indonesia's Medco Energi offers £340 million for UK-listed Ophir
RE
01/11Indonesia's Medco Energi offers 340 mln stg for UK-listed Ophir
RE
01/08OPHIR ENERGY : Statement Regarding the Potential Acquisition of Ophir Energy by ..
AQ
01/04SOUTHEAST ASIA STOCKS : Philippines, Indonesia jump as positive data lifts senti..
RE
01/02OPHIR ENERGY : Medco Will Acquire Ophir Energy
AQ
2018MEDCO ENERGI INTERNASIONAL TBK PT : Ophir Energy gets takeover interest from Ind..
RE
2018MEDCO ENERGI INTERNASIONAL TBK PT : Energy and SMI eye financing for geothermal ..
AQ
More news
Financials ($)
Sales 2018 1 195 M
EBIT 2018 477 M
Net income 2018 148 M
Debt 2018 1 988 M
Yield 2018 1,36%
P/E ratio 2018 9,48
P/E ratio 2019 6,61
EV / Sales 2018 2,54x
EV / Sales 2019 2,32x
Capitalization 1 051 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,08 $
Spread / Average Target 43%
EPS Revisions
Managers
NameTitle
Hilmi Panigoro President Director
Roberto Lorato Chief Executive Officer & Director
Muhammad Lutfi President Commissioner
Ronald Gunawan Chief Operating Officer
Anthony R. Mathias Chief Financial & Planning Officer
Sector and Competitors
1st jan.Capitalization (M$)
MEDCO ENERGI INTERNASIONAL TBK PT1 051
CONOCOPHILLIPS5.31%75 591
CNOOC LTD4.44%72 237
EOG RESOURCES13.14%57 219
OCCIDENTAL PETROLEUM CORPORATION6.74%49 182
CANADIAN NATURAL RESOURCES LTD12.93%33 217