Indonesia's Medco Energi Internasional Tbk PT said on Friday its unit was continuing talks with Britain's Ophir Energy for a possible 340 million pounds ($435.88 million) all-cash takeover.

Medco said shareholders of Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, would receive 48.5 pence in cash for each Ophir share.

Medco under British takeover rules had until Jan. 28 to make a firm offer or walk away.