Indonesia’s Medco Energi Internasional has completed its previously announced acquisition of UK-based Ophir Energy in an all cash offer of £408.4m ($517.34m).

The acquisition was carried out through Medco Energi Global, a subsidiary of Medco. With the completion, Medco now owns Ophir’s entire issued ordinary share capital.

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The acquisition significantly bolsters Medco’s portfolio with the addition of Ophir’s assets, mostly concentrated in the Southeast Asia.

It is expected to boost Medco’s 2019 pro forma production by nearly 29% to 110 thousand barrels of oil equivalents per day. The combined company’s 2P reserves and 2C resources also improve by 86% to 1,439 million barrels of oil equivalent.

Medco Energi president director Hilmi Panigoro 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.”

In January 2019, Medco proposed to acquire Ophir Energy to strengthen its footprint outside Indonesia.

In the same month, the two companies agreed on the recommended cash offer to be made by Medco that amounted to £390.6m ($511.3m). Later in March, the parties agreed to a revised and improved cash offer from Medco.

The Indonesian firm financed the acquisition through a combination of existing cash resources and proceeds received under a credit agreement with Standard Chartered Bank. The cash consideration to be payable to all Ophir shareholders under the deal is expected to be settled by June 2019.