29 Jan 2016 08:32
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Don't have an account? Click here to register.Ophir Energy extends deadline for Medco takeover offer
Mon, 28th Jan 2019 15:46
(Sharecast News) - Ophir Energy has extended the deadline for Indonesian oil and gas producer Medco Energi Internasional to make a firm takeover offer or walk away from a deal, the company reported on Monday.Medco now has until 1700 GMT on Thursday 31 January to make its decision, as discussions between the two companies over a possible acquisition offer for Ophir at 55 pence per share continue.The London-listed company rebuffed a proposal at 48.5p per share, which valued Ophir at around £343m, earlier in January, arguing that it undervalued the company and that Medco had initially proposed to move for 58 pence per share.Ophir's move towards a sale follows warnings of a $300m write-down for the full-year as its shares lost almost half their value following the company's unsuccessful financing of a liquefied natural gas project in Equatorial Guinea, leading to the subsequent loss of its licence for the project.Research firm WoodMac said that the acquisition of Ophir's current output of 25,000 barrels per day of oil equivalent would make the ambitious Medco the seventh largest non-national oil company upstream producer in Southeast Asia.Ophir Energy's shares were up 6.65% at 50.50p at 1642 GMT.
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29 Jan 2016 07:24
Tanzania finalises land deal for delayed LNG project
By Fumbuka and Ng'wanakilala DAR ES SALAAM, Jan 29 (Reuters) - Tanzania said on Friday it had finalised a land acquisition for the site of a planned liquefied natural gas (LNG) plant and was now working to compensate and resettle villagers to move forward on a long-delayed project. Ta
Read more27 Jan 2016 17:31
Wednesday broker round-up
(ShareCast News) - Aldermore Group: Investec reiterates buy recommendation and keeps target price at 325p. Saga: Numis stays at addwith 235p target and Canaccord Genuity upgrades to buy 240p target. Crest Nicholson: Jefferies keeps at buy and raises target from 719p to 740p. Ophir Energy: Credit S
Read more27 Jan 2016 10:49
Ophir Energy says BP veteran William Schrader to be chairman
(ShareCast News) - William Schrader will replace Nicholas Smith as chairman of oil and gas company Ophir Energy with effect from 30 April. Schrader has over 30 years' experience working at BP and joined the board of Ophir as a non-executive director in February 2013. Senior independent non-executiv
Read more25 Jan 2016 17:07
25 Jan 2016 15:11
FTSE 250 movers: IMI downgrade sees market dip into red
(ShareCast News) - The FTSE 250 was flip-flopping between the black and the red on Monday, with the second-tier market relatively flat by mid-afternoon, down just 9.12 points (0.06%) to 16,118.87. IMI took the biggest hit after Credit Suisse downgraded the engineer from 'neutral' to 'underperform' a
Read more25 Jan 2016 07:47
Ophir Energy signs Fortuna contract with Schlumberger
(ShareCast News) - Ophir Energy has signed a non-binding head of terms agreement with Schlumberger, which will receive a 40% interest in the company's Fortuna project in Equatorial Guinea. Under the definitive agreement, which is expected to be signed in the second quarter, Schlumberger will reimbur
Read more25 Jan 2016 07:34
22 Jan 2016 14:24
FTSE 250 movers: Petrofac, Acacia Mining, Virgin Money
(ShareCast News) - A second day of large gains saw West Texas Intermediate crude oil futures clock in with their biggest two-day advance since August 2015. According to Blacrock's chief, institutionals began wading into financial markets as far back as last Wednesday. Dovish remarks from the ECB's M
Read more