Ophir/Medco: Pavilion Energy possible counterbidder for Tanzanian blocks, PTTEP for Thailand – activist investor

01 March 2019 - 12:00 am UTC

Singapore’s Pavilion Energy could show an interest in acquiring Ophir Energy’s [LON:OPHR] 20% interests in Blocks 1 and 4 in Tanzania, Till Hufnagel, partner at activist investor Petrus Advisers, said.
Ophir previously informed Petrus that Pavilion, owned by sovereign wealth fund Temasek, would be interested in acquiring further interest in the blocks should the opportunity arise, he said. Ophir sold a 20% interest in Blocks 1, 3 and 4 to Pavilion for USD 1.3 bn in 2013.
Ophir is currently under a 55 pence-per-share offer by Indonesian player Medco Energi [IDX:MEDC], with the board having recommended the offer on 30 January.
However, Petrus has poured cold water on the offer, and is leading a campaign to realise greater value from Ophir’s constituent parts by seeking additional offers. Petrus wants Ophir’s management to do the homework to show value in the portfolio, and hence raise the price from Medco, Hufnagel said.