Ophir Energy has rejected a bid approach from Indonesia’s Medco Energi, saying it significantly undervalued the company which was now well positioned to generate income from its expanded south-east Asia portfolio. Medco must state by 28 January whether it intends to make a formal bid. Ophir said on 5 January it had received notification from Equatorial Guinea’s Ministry of Mines and Hydrocarbons that the Block R licence, which contains the Fortuna gas discovery, would not be extended following its expiry on 31 December 2018.