Statement re possible offer for Ophir by PT Medco It’s all agreed and finished for 55p.
Statement re possible offer for Ophir by PT Medco I had this set to sell on a limit just below the 55p published price. I have to go out and have decided to drop all now. I’m out. at 54. Nice profit for what I view as pretty low risk bearing in mind the way that the information on this potential offer was published. Good luck to all who hope to benefit.
Eleven Bob "Under the terms of the Acquisition, which is subject to the Conditions and further terms set out in Appendix I to this Announcement and to be set out in the Scheme Document, Ophir Shareholders will be entitled to receive: for each Ophir Share: 55 pence in cash · The Acquisition values the entire issued and to be issued share capital of Ophir at approximately £390.6 million." [link] image.jpg750x1000 337 KB best of luck
Soco International. OPHR… XXXX Looks like offer might be 55p if agreed extension of time granted today . looks like ill lose here .
Statement re possible offer for Ophir by PT Medco theoilandgasyear.com RoyalGate gets Equatorial Guinea block extension RoyalGate Energy has extended its licence for Block Z offshore Equatorial Guinea for an unspecified period of time, the independent announced on Monday best of luck
Statement re possible offer for Ophir by PT Medco Mornin BB, 11 bob…well nobody died(unfortunately)let’s see what the ii’s accept, but as they loaded up in the 40p’s i’m not holding my breath…MacBeth Energy would’ve suited better. “Out, out, brief candle! Ophir’s but a walking shadow, a poor player that struts and frets their hour upon the stage and then is heard no more: it was a tale told by idiot’s, full of wind and pi.5h, signifying nothing.” …billy speare. Cheers for the info BB Canapy and Aurora and battery storage…tie it in with these guys and it could be the place to put your cheap leccy? [link] NYSE: GD [link] [link] [link] Feel a bit flat masel B… best of luck
Statement re possible offer for Ophir by PT Medco image.jpg532x593 108 KB image.png1330x417 35.7 KB image.jpg962x641 159 KB best of luck
Statement re possible offer for Ophir by PT Medco I wonder if it is a coincidence that the new deadline is just after Murphy Oil’s Q4 conference call (31/1 9am Eastern Time): It would disappoint - but not surprise - me if Ophir have sold out the deepwater exploration assets (block 5 pre-spud etc) for a little bit of cash separately from the 55p Medco offer. (Just speculation)
Statement re possible offer for Ophir by PT Medco Ophir have requested an extention. Advanced negotiations with Medco for a sale at 55p per share.
Statement re possible offer for Ophir by PT Medco Price edging up, albeit on low volume. Perhaps a better bid offer is under discussion for the 28th. Interesting to see where we close today, but strength into the close is often a good sign.
Statement re possible offer for Ophir by PT Medco Hi BB we seem to be in a better place right now as the dust has settled, than we have been for some time, albeit we’re at the bottom looking up. Is there the appetitite for the climb back up the sp with no Fortuna or Tanzania gas discoveries to fuel any rise? We’re involved in one of the global big plays in the Gulf of Mexico where the sp could see massive upside in discoveries…again appetities and risk are we heading towards adding more Asian assets and production divi’s for the share holders? Re-alising any profit from E/G or Tanz should go straight to us long suffering pi’s not into production asset accunmulation. Crypto’s bust at the moment but its one of the few vehicles left out there for the unscrupulous to smear themselves over so it will boom again. Thanks for the links BB… New Scientist Bitcoin’s price is plummeting – will the cryptocurrency survive? Bitcoin investors have had a rough ride this year as the price of the cryptocurrency has tumbled, making it less economical to produce the coins New Scientist Bitcoin has become an environmental, as well as financial, disaster We should be celebrating bitcoin's downfall. What began as an interesting experiment now consumes enough electricity to power 4 million US homes I do like the pipe and slippers statement from Booth, just depends if thats your thing… “He added: “We are building a company with increasing cash generation, and declining risk capital expenditure. Our future investment decisions will continue to focus on maximising returns to shareholders.” [link] This investing lark is for the birds jumping in and out of an ever changing narrative is where its at…well it was for me anyway…time to get back in the ring. Don’t be shy with the gems sharing BB and i don’t care where you got them [link] best of luck
Statement re possible offer for Ophir by PT Medco CH. I’ve got me slippers on, dog beside me and ready for a natter. I had a look see over on the lse bb for the first time. Petrusadvisers.com open letter to the Ophir board. Basic summary in selling off SE Asian portfolio and return excess capital to shareholders, Tanz and Mexico asset to be sold off at some point. Not had a full read of the letter as of yet. Your basic asset strip, which I detest with much passion. But if it brings shareholders value then I suppose you have to go with it. I’d hate to see us sold as I think we have a plan now but it has been a monumental ****up getting that plan. Boy have we been manipulated, right left and centre. I would love to see us have a crack at Mexico without somebody pestering us into a sale. Just leave us alone to get on with it. Maybe the BoD want to sell up but after that last update I think not. As i said last night I am more optimistic of a good forward looking outcome. Crypto’s… Been there and done that. Made a wee bit but retreated from it with my tail between my legs. It is not for the faint hearted and boy do you have to do your research and then do it again and then do it again and again. It basically runs on a cycle of boom and bust and at present it is in the bust cycle. Your entry point is crucial and who you deal with to gain that entry point is even more crucial. I know a few experts in cryptcurrencies and the first thing they told me was to make sure I had an ‘instant’ exit strategy. You have to be aware that it is a wild west type of gamble. The US Securities and Exchange Commission have a lot of info on all of the crypto exchanges and there are numerous bloggers out there who will direct you in the right direction. It is not a case of buying in and waiting. Trust me on that and if anybody says its easy to make a killing… walk away. By all means if you are keen go for it but please do your homework. If you can get a copy of the New Scientist dated 15th December 2018… there is a good piece in it about crypto’s. Ear to the ground… I have a few gems up my sleeve which I will get back to you on them. My dog is giving me that walkies look. Baron.
Statement re possible offer for Ophir by PT Medco Some news BB… New assets lift Ophir’s output Assets bought from Santos earlier this year provide material increase in production Josh Lewis 15 Jan 2019 085 GMT Updated 15 Jan 2019 086 GMT London-listed Ophir Energy saw output rise in 2018 following the acquisition of a portfolio of South-East Asian assets from Australian company Santos. Output in 2018 averaged 29,700 barrels of oil equivalent per day, up from an average of 11,700 boepd recorded over the previous year and 8% ahead of its previous guidance. Ophir noted the Madura and Sampang production sharing contracts in Indonesia and Block 12W in Vietnam, which it acquired from Santos in a $205 million deal, accounted for 18,000 bpd of production. "With the successful integration of the Santos South-East Asian assets, Ophir has significantly strengthened its production and development portfolio,” interim chief executive Alan Booth said. “We are now well positioned to generate significant free cash flow going forward. Our underlying business and balance sheet remain robust.” Ophir also noted in its operations and trading update on Tuesday that its operating expenses were estimated at $12 per boe, while year-end debt was estimated to have reduced to $35 million. Opex costs are expected to rise this year to $16 per boe due to workover drilling on the Kerendan field and electric submersible pump replacements for three wells on the Bualuang field. Output is also expected to average about 25,000 boepd during 2019, in line with the company’s previous guidance The update comes a day after Ophir’s board rejected a proposed £340 million ($438.1 million) takeover offer from Indonesia’s PT Medco Energi as it believed it undervalued the company. Ophir rejects Medco offer Board unanimously agrees potential takeover offer undervalues the company Josh Lewis 14 Jan 2019 07:21 GMT UK-listed company Ophir Energy has rejected a potential takeover offer from Indonesian player PT Medco Energi. Ophir confirmed Monday its board had met to consider the £340 million ($437.1 million) offer which Ophir confirmed last week it had received in December. The UK company’s board unanimously rejected the proposal after it came to the conclusion Medco’s proposed 49.5 pence per share offer undervalued the company. The offer price represented a 46.1% premium to Ophir’s share close of 33.2 pence on 28 December, the last business day before Medco announced the possible offer for Ophir. Its shares closed at 45 pence on Friday. Medco previously noted that its proposal was not a firm offer, adding it had until 28 January to make a firm offer or walk away under UK takeover rules. 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 presence and adding to its existing assets in the Middle East and North Africa. It has made a number of large acquisitions in recent years, including leading a $2.6 billion purchase of the Indonesian unit of Newmont Mining in November 2016. No extension for Ophir’s Fortuna licence London-listed player told by government of Equatorial Guinea that 31 December expiration of permit for Block R has taken effect Iain Esau London 10 Jan 2019 230 GMT Equatorial Guinea’s government has notified London-listed Ophir Energy that it will not extend the Block R licence off Bioko Island which expired on 31 December, seemingly spelling the end of a plan to exploit the Fortuna gas complex via a floating liquefied natural gas vessel. Alan Booth, Ophir’s interim chief executive, described the Ministry of Mines & Hydrocarbons’ decision as “ disappointing”, particularly because the company was “still talking to highly credible potential co-investors” and had expended much effort and cost in trying to get the FLNG scheme off the ground. Ophir aims to take a non-cash impairment of around $300 million as a result of the government’s decision. However, some country watchers suggested Ophir may still have an opportunity to regain access to Block R, citing a statement by Booth which said: “We will continue to work constructively with the authorities in Equatorial Guinea.” One industry source’s interpretation of this statement is that, while the government’s decision is 100% definitive “in writing”, there is a small chance that “further conversations” could take place. Assuming Ophir’s exit is confirmed, it will likely sound the death knell for a project that aimed to deploy a Golar LNG-owned FLNG vessel to exploit 2.5 trillion cubic feet of gas held in Fortuna. There is market talk that Equatorial Guinea’s authorities may already have lined up a new operator for Block R with Chinese players willing to invest in FLNG schemes suggested as potential interested parties. Nevertheless, developing Fortuna as a subsea tieback to Marathon Oil’s LNG plant on Bioko Island is the most obvious development scenario, said one observer. “I think (the ministry) is now more interested in a tieback to Punta Europa,” the source said. Commenting on the government’s decision, David Round, analyst with BMO Capital Markets, said it “ should come as little surprise to Ophir or the market (and) in many ways… tidies up the portfolio and facilitates further discussions with Medco (Energi).” Over the new year period, Ophir revealed that Jakarta-based Medco had made an approach to acquire the company. The two parties are now in talks about a possible cash offer to be made by Medco for the entire issued and to-be-issued share capital of South-East Asia-focused Ophir. Ophir said this week that its discussions with Medco “have taken place in the shared knowledge that there were a number of potential outcomes with respect to our Fortuna asset, and these discussions continue”. Round said that “any deal would be an important springboard for Medco’s South-East Asian footprint so we do not see (the Fortuna) announcement as a deterrent to future discussions”. Medco has until 28 January to make a clear binding offer for any deal to proceed. Last week, Wood Mackenzie analyst Angus Rodger described Medco’s approach for Ophir as “a bold move” which, if successful, would create a South-East Asian upstream powerhouse, boosting its production by 30% to 110,000 barrels of oil equivalent per day, 101,000 boepd of which would be in its home region. This, said Rodger, would make Medco the seventh largest independent upstream producer in South-East Asia, surpassing Hess and BP and just behind Repsol and Total. After Medco’s approach was announced, Ophir’s share price surged from 35.05 pence to 46 pence (59 cents), and edged down to 44.85 pence on 7 January, the first day of trading after the Fortuna announcement. Interest for Aminex holders? Violence and graft hit confidence in Mozambique LNG funding plans … 10 Jan 2019 230 GM Tensions are rising in northern Mozambique as the government seems unable to quell growing instability, while a series of high-profile anti-graft arrests have seriously damaged the country’s financial reputation and cramped the capacity of investors to fund liquefied natural gas projects, writes Barry Morgan. With the indictment of former finance minister Manuel Chang and three Credit Suisse bankers under the US Foreign Corrupt Practices Act, details of a hitherto hidden debt scandal are emerging that has laid bare the lack of accountability at the heart of the regime. “Mozambique’s damaged standing will make it harder for national oil company ENH to offer sovereign guarantees to finance its mandated 10% stake in the Offshore Areas 1 and 4 LNG projects,” according to a report released this week by UK risk consultant Verisk Maplecroft. “A shallow banking sector means domestic financing is not a viable alternative for ENH” and this has implications for the political environment for the funding offshore schemes, said Verisk’s Africa analyst, Ed Hobey-Hamsher. He added that the US Department of Justice may use plea bargaining to fill the gaps in an audit conducted by US-based risk consultant Kroll, which revealed the disappearance of some $500 million within the Defence portfolio under Mozambican President Filipe Nyusi’s stewardship. The complicity of ruling party Frelimo officials together with “a lack of financial credibility will make it harder for ENH to finance participation in offshore developments in a year when the final investment decision is expected for Area 1 with a licensing round planned before mid-2020,” said Hobey-Hamsher. Not only will this result in delays to projects being sanctioned but also postpone the realisation of LNG revenues, he added. The consequences might reach even farther, rendering void some $2 billion-worth of fisheries project loans, said Mitu Gulati, a professor of law and sovereign debt expert at Duke University in the US. Moreover, criminal attacks on lives and property in the province of Cabo Delgado have intensified in recent years with evidence of affiliation with Islamist terror group Ahlu Sunnah Wa-Jama, associated with a Tanzanian group connected with Islamist militants farther up the East African littoral. These linkages have become increasingly clear and are consolidating, Upstream learned during an exclusive security briefing in Cape Town from another leading global risk group. Last year saw scores of fatalities and some 45 houses and one mosque destroyed, leading to the arrest and trial of 100 terrorists including Tanzanian and Somali nationals. In addition, attacks by child soldiers have been reported in Macomia, Nangade, Palma and Mocimboa da Praia districts. US independent Anadarko Petroleum and Italy’s Eni expect to build their LNG trains in Palma, located 400 kilometres from Pemba, following the discovery of 180 trillion cubic feet of gas in the offshore Ruvuma basin in Areas 1 and 4. Countrywide reserves are soon tipped to exceed 250 Tcf with LNG exports scheduled to come on stream before the end of 2023. TPDC issues bids for 3D seismic shoot in southern waters . 10 Jan 2019 230 GMT Tanzania’s state-owned oil and gas player has issued bid documents for a 3D seismic data gathering exercise in the country’s southern waters. The work covers the acquisition and processing of 3D seismic in the 4/1B, Mnazi Bay North and West Songo Songo blocks. Tanzania Petroleum Development Corporation (TPDC) wants its chosen contractor to acquire and process almost 900 square kilometres of 3D data. The bulk — some 600 square kilometres — will be shot in deep-water Block 4/1b, while 183.4 square kilometres will be acquired in West Songo Songo and 93.1 square kilometres in Mnazi Bay North. Bid documents must be submitted to TPDC’s headquarters in Dar es Salaam by 8 February. The three blocks are reserved for TPDC. Originally operated by BG Group, Block 4/1B — and adjacent Block 4/1C — is located in ultra-deep water directly north of the maritime border with Mozambique. Mnazi Bay North is sandwiched between the producing Mnazi Bay gas field and Shell-operated Block 1, which hosts several deep-water finds that are due to feed gas to a liquefied natural gas complex to be built at Lindi. The Songo Songo acreage lies close to shore near the producing field of the same name. best of luck
Statement re possible offer for Ophir by PT Medco Happy New Year Charlie. I see you found my other post which I had intended to be read here, not somewhere else on this dreadful site. I have no idea what I did wrong but I also have no idea how to get it back on this page. I had 2 other posts deleted on the subject as well, cant see why as I am so mild mannered with my views (big chuckle). 48.5p. A stonking offer i must say. Where did they get that from and are they going to try again. I took a gamble and loaded up on Monday pre update and again today and i am happy i did. Not surprised at all that the sp did not rise significantly after the update, lots of positions being filled and lots of head scratching and number crunching going on pre the next offer, if there is one which i doubt and if there is one it will be a lot higher. Good base for adding as we know the offer was rejected. Just my views. Granted Fortuna looks like it is a dead duck but the update does look like we have a plan going forward. As i said in my other post, just wish they would keep us informed with more info, obligated or not. I am more optimistic now than i was a couple of months back. We shall see. Keep up the good work on the info, appreciated. Baron. Any idea on how to get my post back here, he’s lonely out there.
Soco International. OPHR… XXXX Offer of 48.5p rejected by board , "undervalued "