Britain's Ophir Energy said on Monday it is in discussions for a possible all-cash takeover offer with a unit of Indonesia's Medco Energi Internasional Tbk PT.
Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, has a market capitalization of 252.5 million pounds ($321.41 million), according to Refinitiv data.
The company's shares closed up 7.5 percent at 35.7 pence on Monday.
Under UK takeover rules, PT Medco Energi Global has until Jan. 28 to make a firm offer or walk away, Ophir said.
($1 = 0.7856 pounds)
(Reporting by Justin George Varghese in Bengaluru; Editing by Shailesh Kuber)
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