Ophir Energy Plc said on Wednesday it has agreed to be bought out by Indonesian oil and gas group Medco for a sweetened bid of 390.6 million pounds ($511.02 million) in cash.
The offer of 55 pence per Ophir share represents a 65.7 percent premium to Ophir's closing price on Dec. 28, the last trading day before Medco first announced a possible offer for the London-listed company.
($1 = 0.7644 pounds)
(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)