Tuesday 15 January 2019

Rejection of the possible offer for Ophir by PT Medco Energi Global PTE Ltd (“Medco Global”) (a wholly-owned subsidiary of PT Medco Energi Internasional Tbk (“Medco”)).

The Board of Ophir has now met formally to consider the possible offer announced by Medco on 11 January 2019 to acquire the issued and to be issued share capital of Ophir at an offer price of 48.5 pence per Ophir ordinary share.

The Board has unanimously rejected the proposal as it undervalues Ophir.

On 15 January 2019, Ophir will provide an update on its trading and operations for the twelve month period ending 31 December 2018.

This announcement has been made by Ophir without the approval of Medco or Medco Global. As previously stated, in accordance with Rule 2.6(a) of the Code, Medco Global must, by no later than 5.00 pm GMT on 28 January 2019 (the “Deadline”) either announce a firm intention to make an offer for Ophir under Rule 2.7 of the Code or announce that it does not intend to make an offer for Ophir, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The Deadline will not apply in circumstances where either: (a) it has been extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code; or (b) Rule 2.6(b) of the Code applies, by virtue of a firm intention to make an offer for Ophir having been announced by another offeror prior to the Deadline.