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Ophir Energy In Talks With Medco About Possible Cash Offer; Stock Climbs

UK-based upstream oil and gas exploration and production company Ophir Energy Plc (OPHR.L) on Wednesday confirmed that it is in discussions to be acquired by PT Medco Energi Global PTE Ltd, a subsidiary of PT Medco Energi Internasional Tbk. Ophir shares were gaining around 36 percent in the early morning trading in London.

The talks are about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir, the company said.

Medco is a Southeast Asian energy and natural resources company listed on the Jakarta Stock Exchange.

Ophir said the announcement does not amount to a firm intention to make an offer, and that there can be no certainty that any offer will be made, or as to the terms on which any offer might be made.

A further announcement will be made as and when appropriate.

Ophir announced that, by not later than 5.00 pm on January 28, 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.

In London, Ophir Energy shares were trading at 48.75 pence, up 36.55 percent.

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