LONDON (Alliance News) - PT Medco Energi Internasional Tbk's possible offer for Ophir Energy PLC is well below what it proposed in October, Ophir said Friday.
Earlier Friday, PT Medco said if it makes an offer for the company it will be worth 48.50 pence per share, valuing Ophir at about GBP343.0 million.
However, Ophir has said an "unsolicited" approach was made in October, with an offer price of 58.0p.
Ophir then granted PT Medco access to due diligence to look at Ophir's Fortuna LNG asset in Equatorial Guinea, which could have made Ophir's October proposal even higher.
In December, Ophir continued, PT Medco then made a revised proposal of 53.8p. This followed a lack of progress on Fortuna LNG due diligence and a fall in the oil price.
Ophir shares were 2.3% higher on Friday at a price of 44.00p.