Australia's Warrego Energy jumps to over 3-yr high on raised bid

Strike Energy

05/01/2023 03:29

** Australia's Warrego Energy  WGO.AX  jumps 10.1% to
A$0.38, highest since Oct 2019, on raised takeover offer
    ** Business magnate Gina Rinehart's Hancock Energy raises
its offer to A$0.36/shr from A$0.28/shr, valuing the oil and gas
explorer at A$440 mln (~$300 mln)
    ** Hancock, which now holds over 25% of WGO, says offer
applicable for WGO shareholders who accepted its older offer
only if that offer got 40% acceptance
    ** The battle for Warrego and its primary attraction, the
West Erregulla gas field, also includes an implied A$0.33/shr
all-stock offer from Strike Energy  STX.AX , while Beach Energy
 BPT.AX  had in early Dec refused to match Hancock' previous bid
    ** WGO's stock has doubled in value since Nov. 10, when
Strike Energy first made a bid for the company
 
 ($1 = A$1.4684)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))