PT Medco Energi Internasional Tbk(1) announces the successful completion of the acquisition of Ophir Energy plc(2) in a recommended all cash offer valued at £408.4 million.

Ophir’s assets are highly complementary to MedcoEnergi’s existing portfolio and the combined business creates a leading regional oil and gas player in Southeast Asia. The acquisition of Ophir will increase MedcoEnergi’s 2019 pro forma production by approximately 29% to 110 Mboepd, and combined 2P reserves(3) and 2C resources(4) by 86% to 1,439 MMboe.

Hilmi Panigoro, President Director of MedcoEnergi, said, “We are delighted to have successfully completed the acquisition of Ophir, which firmly establishes MedcoEnergi as a leading oil & gas player in Southeast Asia. This acquisition further underlines our strategy to selectively expand MedcoEnergi’s presence and we believe it will create value for all of our stakeholders.”

(1) PT Medco Energi Internasional Tbk (“MedcoEnergi ”or “Company”).
(2) Ophir Energy plc (“Ophir”) acquired by MedcoEnergi through Medco Energi Global PTE Ltd. (“Medco Global”) a subsidiary of MedcoEnergi.
(3) 2018YE 2P reserves: 281.7 MMboe (MedcoEnergi) + 70.1 MMboe (Ophir) = 351.8 MMboe (Combined).
(4) 2018YE 2C resources: 490.6 MMboe (MedcoEnergi) + 596.6 MMboe (Ophir) = 1,087.2 MMboe (Combined).

About Medco Energi

Medco is a leading Southeast Asian energy and natural resources company listed on the Indonesia Stock Exchange, operating across three key business segments being Oil & Gas, Power and Mining.

In Oil & Gas, Medco has significant experience in managing mature onshore and offshore assets and moving discovered and challenged resources to production, including LNG. Medco’s oil and gas assets are based primarily in Indonesia but it is focused on expanding its Southeast Asia presence.

Medco also operates gas, geothermal and hydro power plants in Indonesia through its approximate 89% consolidated interest in Medco Power (the balance approximately 11% held by the International Finance Corporation) and has a nonconsolidated interest in a large Indonesian copper and gold mining company.

About Ophir

Ophir, listed on the main market of the London Stock Exchange, is the ultimate holding company of a group of companies whose principal activities focus on oil and natural gas exploration and production. It is a full cycle, upstream oil and gas exploration and production company. In addition to its core Southeast Asia assets, Ophir also owns an international portfolio of exploration and development assets.