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I agree I had personally written off Fortuna. I don't know why people are trying to create something out of it. It's just PI's wanting in at 40p instead of 45p so they create seeds of doubt. I'm already loaded up in the 30's so I'm happy to sit on it until Ophir's true value is reflected.
Fortuna was already written of in the Dec accounts so no bother, not sure what al this thread is about to be honest.
Simms it would have made no difference at all read above.
ATB
It seems of little relavance now to analyse the workings of ophr, the only relevant factor is the value of the asset as the hammer falls ( presuming it does? anyone selling tommorow does so with the risk of being out when the rns is dropped
Good luck to all holders.
I do wonder now if the BOD knew about the Fortuna news and wanted to bury it. Could you imagine if they dropped that news without Medco in the mix? Ophir Energy without any support would have dropped like a stone on that news. Therefore they used the Medco potential interest as a backstop and rushed out a press release of a cash buyer and then dropped the Fortuna news over the weekend. Frankly Medco was not the most likely contender and perhaps the BOD are trying to keep the plates spinning. It does somehow fit the narrative as i think most people were a little surprised of the Medco release as normally it would be kicked into the rough as it is obvious to all that selling Ophir at the nadir of the POO is not good timing and before serious cashflow hits the bank balance. Normally you would expect the BOD to rebuff interest but i guess we need to wait what the offer price might be. All very odd.
I'll go with 48p as an initial offer.
Has to drop first thing
Great chance to pick up some more
I’ll go for a .39 open
.60 offer by Friday
58p offer imho
senn
EG had been taken out of the share price after the initial write down at the interim results. In December when they announced a request to extend the license the shares rose around 5% on a market cap some 30% lower than today. That means anything over a 3% fall tomorrow is a nonsense and will be quickly bought. Medco will do the deal. They know if they don’t, and quick, someone else will.
If that is the case all my orders would be filled at a price I would be more than happy with ....
Some how I doubt I will get a chance ... Ophir will surprise many tomorrow imo
I see traders got there eye in for a trade
i am going for 37p
Surprised no ones said £1.
I am sure if Ophir was not to be sold it will be trading around £1 end of 2019 if poo stays above 50
Offer price predictions: 50p - IAmNotAnAnalyst 48-52p (50p average) - munchbox54 55p - dusterinmong 58p - NewKOTB 60p - Harts 55-65p (60p average) - Ammu123 55-65p (60p average) - ArielArrow 70p - Rookie1 70p - LuckCounts
giant
January 4, 2019 Asia, Company News,Crude Oil, Featured, M&A, Natural Gas, News 0
inShare
The potential acquisition of UK-listed oil and gas company Ophir Energy by Indonesia’s Medco Energi could create a Southeast Asia upstream powerhouse, Kallanish Energy learns from Wood Mackenzie.
According to research director Angus Rodger, a potentially successful deal would make the combined firm the seventh-largest non-national oil company upstream producer in Southeast Asia, above Hess and BP, and just behind Repsol and Total.
On Dec. 31, Ophir announced it was in discussions with Medco over a potential cash offer by the Indonesian firm. No further details have been disclosed, except Medco has a Jan. 28 deadline to formalize its intentions whether or not to make an offer.
Ophir is listed in London but its upstream portfolio includes assets in Thailand, Vietnam, Indonesia, Malaysia, Equatorial Guinea and Tanzania, as well as exploration acreage in Mexico and Bangladesh. The firm currently produces 25,000 barrels of oil-equivalent per day (Boe/d).
“This is a bold move by Medco and, if successful, would create a Southeast Asian upstream powerhouse,” Rodger said, adding Medco would substantially increase its regional footprint and diversify its mature, Indonesia-heavy portfolio.
“It would also bulk up its non-Asian exposure by adding growth options in Tanzania and Equatorial Guinea, to add to its existing positions in Libya, Oman, Yemen, Tunisia and the U.S.,” he added.
I agree after spending a while reading up on Ophir, surely anything less than 65p is robbery, has to be 70p.. a company that has weathered the storm and now looks to have a bright future should not be sold out so cheap, especially with what I can gather the Opex per barrel is as cheap as you will find. Selfishly I would like a drop in the morning so I can buy a few.
2019 is shaping up to be firecracker of a year for O&G M&A imo
Zedy— 35p tomorrow? What u drinking mate .... I will have some lol. 10% drop at max. - Dusterinmong— I’m not sure how to value it mate, it’s fair to say this is a done deal and it smells, 50% above closing sp on day of offer so I’m going for 48-52p. Anyone care to put me in. - Harts - it doesn’t matter about booths purchase mate because he will get paid off much more than what he’s bought , infact he might even carry on operations in the new company for a few months until he gets his fat cheque n clears off. - Davestock - spot on with your summary bud. It’s fishy especially with the timing of the press releases. This is as sold as I’ve ever known before the formal news. Good luck mate. — Newkotb—- brave of u to add more if there’s a drop, it was fishy when the market rallied and ophr was still lower, now I’m 99% sure it’s a done deal ....if for the sake of fishy business it’s not and they reject it then heaven knows what will happen. Good luck for tomorrow chaps ..... it’s obvious this will drop 5-10 % before rising again. Offer to be confirmed this week is my guess.
The impairment will only show on our accounts, we will be sold well before. In fact this announcement, tidying up loose ends makes for a cleaner transaction as far as both parties are concerned .
Fully engineered imo between both parties as the figure has now been agreed.
Any drop on Monday will be very short lived and a last buying opportunity as an announcement will follow if not proceed market opening.
Gla
Fortuna was never fully priced in, The market has not trusted whats been coming out of the BOD for a while now, that's why we have dropped from over a £1 in 2 years just when oil recovered.
$300m impairment will not be good tomorrow morning, expecting share price to drop to 35p minimum. Looks like a low ball offer will now materialise before 15th. GLA
Simms, all answers in the press release, with official RNS on Monday.
Our 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.
https://www.ophir-energy.com/press-release/block-r-licence-equatorial-guinea-2/
Ophir price is already peanuts, fortuna has done no favours to the shareholder, if we take a spanking then the market is being extremely shortsighted valuing other assets at f-all.
Given the news that Fortuna has bitten the dust and big $300m impairment charge will the share price drop substantially on monday? Did Medco know this license was not bring extended as if they did not then this could trigger them pulling out of the deal? If Medco knew this news in advance then surely that should have been shared with PI’s. Why do i think something fishy is going on? sounds like BOD knew the Fortuna news and have got a bit desperate with Medco?
No problem mate