Jakarta, 22 May 2019 – PT Medco Energi Internasional Tbk¹ 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 2P³ reserves and 2C⁴ resources 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.”