Proactiveinvestors United Kingdom Ophir Energy Plc https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Ophir Energy Plc RSS feed en Sun, 26 May 2019 03:51:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Statement re Court Sanction of Scheme ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190521102006_14081772/ Tue, 21 May 2019 10:20:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190521102006_14081772/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190521085138_14081567/ Tue, 21 May 2019 08:51:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190521085138_14081567/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083850_14079862/ Mon, 20 May 2019 08:38:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083850_14079862/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083746_14079859/ Mon, 20 May 2019 08:37:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083746_14079859/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083716_14079858/ Mon, 20 May 2019 08:37:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190520083716_14079858/ <![CDATA[RNS press release - Statement re Court Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190517131517_14078771/ Fri, 17 May 2019 13:15:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190517131517_14078771/ <![CDATA[RNS press release - Sale of Block 5, Mexico ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190516163915_14077403/ Thu, 16 May 2019 16:39:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190516163915_14077403/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190514152830_14073772/ Tue, 14 May 2019 15:28:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190514152830_14073772/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190510101341_14069763/ Fri, 10 May 2019 10:13:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190510101341_14069763/ <![CDATA[RNS press release - Offer Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190509122414_14068483/ Thu, 09 May 2019 12:24:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190509122414_14068483/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190509070001_14067288/ Thu, 09 May 2019 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190509070001_14067288/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190507085406_14064414/ Tue, 07 May 2019 08:54:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190507085406_14064414/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190502135317_14061272/ Thu, 02 May 2019 13:53:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190502135317_14061272/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190502105527_14060930/ Thu, 02 May 2019 10:55:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190502105527_14060930/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501152806_14059854/ Wed, 01 May 2019 15:28:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501152806_14059854/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501093631_14059064/ Wed, 01 May 2019 09:36:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501093631_14059064/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501080504_14058911/ Wed, 01 May 2019 08:05:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190501080504_14058911/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190429161404_14056017/ Mon, 29 Apr 2019 16:14:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190429161404_14056017/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190429092408_14055214/ Mon, 29 Apr 2019 09:24:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190429092408_14055214/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190426105916_14053609/ Fri, 26 Apr 2019 10:59:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190426105916_14053609/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190425090211_14051599/ Thu, 25 Apr 2019 09:02:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190425090211_14051599/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190423094900_14048156/ Tue, 23 Apr 2019 09:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190423094900_14048156/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190418150806_14046885/ Thu, 18 Apr 2019 15:08:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190418150806_14046885/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190418103959_14046410/ Thu, 18 Apr 2019 10:39:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190418103959_14046410/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190417103759_14044708/ Wed, 17 Apr 2019 10:37:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190417103759_14044708/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190412171229_14040082/ Fri, 12 Apr 2019 17:12:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190412171229_14040082/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190410071249_14035576/ Wed, 10 Apr 2019 07:12:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190410071249_14035576/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190409151635_14034780/ Tue, 09 Apr 2019 15:16:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190409151635_14034780/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190408154554_14033074/ Mon, 08 Apr 2019 15:45:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190408154554_14033074/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190405102511_14030784/ Fri, 05 Apr 2019 10:25:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190405102511_14030784/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190404070002_14028105/ Thu, 04 Apr 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190404070002_14028105/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190403080859_14026876/ Wed, 03 Apr 2019 08:08:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190403080859_14026876/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190402093915_14025248/ Tue, 02 Apr 2019 09:39:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190402093915_14025248/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190402075553_14025059/ Tue, 02 Apr 2019 07:55:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190402075553_14025059/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190401134424_14023854/ Mon, 01 Apr 2019 13:44:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190401134424_14023854/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190329070132_14020510/ Fri, 29 Mar 2019 07:01:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190329070132_14020510/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190328095515_14019371/ Thu, 28 Mar 2019 09:55:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190328095515_14019371/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190328071751_14019121/ Thu, 28 Mar 2019 07:17:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190328071751_14019121/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190327071237_14017336/ Wed, 27 Mar 2019 07:12:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190327071237_14017336/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190326124841_14016344/ Tue, 26 Mar 2019 12:48:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190326124841_14016344/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325142015_14014670/ Mon, 25 Mar 2019 14:20:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325142015_14014670/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325134604_14014637/ Mon, 25 Mar 2019 13:46:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325134604_14014637/ <![CDATA[RNS press release - Result of Meetings ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325125734_14014559/ Mon, 25 Mar 2019 12:57:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190325125734_14014559/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190322160400_14013030/ Fri, 22 Mar 2019 16:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190322160400_14013030/ <![CDATA[News - Jefferies thinks Ophir Energy shares are worth more than Medco’s 57.5p offer ]]> https://www.proactiveinvestors.co.uk/companies/news/217025/jefferies-thinks-ophir-energy-shares-are-worth-more-than-medcos-575p-offer-217025.html US investment bank Jefferies thinks Ophir Energy PLC (LON:OPHR) shares are worth more than what Indonesia’s Medco Energi is offering.

Medco confirmed earlier this week that it would up its bid to 57.5p a share in response to interest from AIM-quoted Coro Energy PLC (LON:CORO) which had been weighing up a debt-backed takeover.

READ: Medco improves Ophir takeover offer

Shareholders will get the chance to vote on the deal on Monday, and bosses have already told them to accept what is on the table.

But Jefferies isn’t too sure and has asked whether investors want to crystallise “today’s value” or take a chance on “tomorrow’s potential”.

“[Recent] full-year results raise our core net asset value by 6% to 55p per share but potential Mexico discovery raises price target by 15% to 60p/share with 5p/US$48m of risked Mexico value,” said analysts in a note to clients.

“Medco's increased (final) offer of 57.5p/sh offers immediate crystallization of the value added via the ‘Santos deal’.

“Almost ironically, however, Ophir's exploration portfolio has brought the prospect of further value before we even get to Africa liquified natural gas (LNG).”

Does Medco deal undervalue Ophir?

As for Monday’s vote, the number crunchers didn’t state whether they expected investors to approve the Medco takeover, but they did note that a “number of shareholders have been vocal in their view of the various offers under-valuing the assets”.

Despite upping its price target to 60p, Jefferies cut its rating to ‘hold’ (from ‘buy’) given that the shares are now not far off that figure.

Shares were broadly flat at 57.1p on Friday morning.

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Fri, 22 Mar 2019 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217025/jefferies-thinks-ophir-energy-shares-are-worth-more-than-medcos-575p-offer-217025.html
<![CDATA[News - Ophir Energy and Coro shares rise but Medco’s takeover intact with improved offer ]]> https://www.proactiveinvestors.co.uk/companies/news/216919/ophir-energy-and-coro-shares-rise-but-medcos-takeover-intact-with-improved-offer-216919.html Ophir Energy Plc (LON:OPHR) shares rose by a little over 2% in Thursday’s early deals to account for a new and improved recommended takeover offer from Indonesia’s Medco Energi.

Medco will now pay shareholders 57.5p per share, which takes the acquisition value to £408.4mln.

It comes amid a surprise and somewhat unlikely move from AIM-quoted small-cap Coro Energy PLC (LON:CORO) which had been exploring a debt-backed approach to potentially gazump the Indonesia buyer.

Coro has now, however, stated that it no longer has an intention to bid for Ophir.

Ophir shares this morning trade at 57.12p each.

READ: Sound Energy says it is “financially well positioned” for 2019

Nevertheless, ambitious Coro also saw its shares in positive territory in Thursday’s deals.

With investors presumably impressed with management’s gumption Coro advanced 6.8% to trade at 2.04p, which values the AIM-quoted firm at £14.65mln.

The Coro approach was described by Ophir as “unsolicited and highly preliminary”, and, noted that a potential offer would’ve seen shareholders receive 40p per share in cash and equity in the enlarged Coro entity (Ophir holders would’ve owned 85-95% of the group).

In September 2018, Coro made its first acquisition in Indonesia paying US$12mln for a 42.5% stake in the Lengo gas field located offshore East Java, Indonesia. It followed an earlier deal to acquire Sound Energy’s Italian interests,

At that time, Coro chief executive James Menzies described Lengo as being “the right scale and in the right address”.

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Thu, 21 Mar 2019 08:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216919/ophir-energy-and-coro-shares-rise-but-medcos-takeover-intact-with-improved-offer-216919.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190321072043_14010426/ Thu, 21 Mar 2019 07:20:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190321072043_14010426/ <![CDATA[RNS press release - Statement re. No Intention to Bid by Coro Energy ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190321070003_14009902/ Thu, 21 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190321070003_14009902/ <![CDATA[RNS press release - Rule 2.9 Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190320071254_14008734/ Wed, 20 Mar 2019 07:12:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190320071254_14008734/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190319162424_14007990/ Tue, 19 Mar 2019 16:24:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/291/LSE20190319162424_14007990/