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Media Release

2019-05-22

MedcoEnergi Announces Completion of Acquisition of Ophir Energy plc

MedcoEnergi Announces

Completion of Acquisition of Ophir Energy plc

 

Jakarta, 22 May 2019 – PT Medco Energi Internasional Tbk[1] today announces the successful completion of the acquisition of Ophir Energy plc2 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 reserves3 and 2C resources4 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.”

 

             

   
   

2019 Guidance

  Operational guidance for 2019 is as follows:   
  • Pro-forma production will be 110 Mboepd.
  • Oil and gas unit cash costs will be maintained below US$10 per boe.
  • Medco Power Indonesia will generate power sales of 2,850 GWh.
  • Pro-forma capex will be US$400million or below.
  •     Net Debt to EBITDA target will be 3.0x or below at mid-cycle prices.    
                       
   

 

  

 



[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). 

 


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