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Medco Energi completes acquisition of Ophir Energy
22 May 2019
Medco Energi has announced the completion of the acquisition of Ophir Energy in a recommended all cash offer valued at £408.4 million.
Ophir’s assets are highly complementary to MedcoEnergi’s existing portfolio and the combined business creates a leading regional oil and gas player in Southeast Asia. The acquisition of Ophir will increase MedcoEnergi’s 2019 pro forma production by approx. 29% to 110 Mboepd, and combined 2P reserves and 2C resources by 86% to 1,439 MMboe.
Hilmi Panigoro, President Director of MedcoEnergi, said:
'We are delighted to have successfully completed the acquisition of Ophir, which firmly establishes MedcoEnergi as a leading oil & gas player in Southeast Asia. This acquisition further underlines our strategy to selectively expand MedcoEnergi’s presence and we believe it will create value for all of our stakeholders.'
Source: Medco Energi