London-based Ophir Energy has requested an extension of the deadline for Medco Global, a unit of Medco Energi, to submit its takeover bid. 

Ophir said the PUSU deadline has been extended to January 31, for Medco Energy to either disclose firm intention to make an offer or say it does not intend to make an offer.

The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash, the statement reads.

To remind, Indonesian oil and gas company planned to put up a possible bid, valuing each Ophir share at 48.50 pence for a total of $440 million.

However, the bid was swiftly rejected by Ophir, saying it undervalued the company.

This deadline may be extended further with the consent of the Takeover Panel, at Ophir’s request, with the London-based company noting further notices will be made when appropriate.