Ophir Energy is in talks to sell the company to Indonesia’s Medco, a Southeast Asian energy and natural resources company listed on the Jakarta Stock Exchange.
“Further to the share price movement in Ophir, the Boards of Ophir and Medco confirm they are in discussions about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir,” Ophir said on Wednesday.
Ophir said that while the talks were underway, there was no certainty that any offer will be made.
Ophir, which owns oil and gas assets in Southeast Asia and Africa, said that by not later than 5.00 pm on 28 January 2019, Medco must either announce a firm intention to make an offer for Ophir or announce that it does not intend to make an offer for Ophir.
The deadline will not apply in circumstances where either: (a) it has been either extended with the consent of the Takeover Panel, or by virtue of a firm intention to make an offer for Ophir having been announced by another offeror prior to the Deadline.