January 11, 2019 / 2:14 PM / a year ago

Ophir says Medco cut possible offer price after key Africa licence lost

(Reuters) - Ophir Energy OPHR.L said Indonesia’s Medco Energi International (MEDC.JK) cut its possible cash offer for the British firm after it lost a liquefied natural gas project in Africa’s Equatorial Guinea.

Medco said on Friday that shareholders of Ophir, an upstream oil and gas exploration and production company focussed on Asia and Africa, would receive 48.5 pence in cash for each Ophir share, valuing the company at 340 million pounds.

Medco had made an unsolicited approach at an offer price of 58 pence per share on Oct. 22, Ophir said, before submitting a revised proposal on Dec. 20 of 53.8 pence per share following Ophir’s failure to secure a licence on the African project and a decline in oil prices.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Kirsten Donovan

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