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Australia’s Beach Energy raises Warrego takeover offer

  • Märkte: Natural gas
  • 02.12.22

Australian independent Beach Energy has increased its takeover offer for fellow Australian independent Warrego Energy to A$0.25/share ($0.17/share) from its previous offer of A$0.20/share. The offer exceeds the A$0.23/share offer made by Australian miner Hancock, which is wholly owned by Australian mining billionaire Gina Rinehart.

But the latest Beach offer —which values Warrego at around A$280mn — is still below the prevailing Warrego share price of around A$0.285 based on early afternoon trading on the Australian Securities Exchange (ASX). A third takeover bid has been lodged by Australian independent Strike Energy, which has offered around A$0.186/share.

Warrego has advised its shareholders to take no action on the Beach, Hancock and Strike bids.

Warrego's main asset is its 50pc stake in the onshore West Erregulla gas project in the Perth basin in Western Australia. The other half is owned by project operator, Strike.

Beach is also involved in an onshore gas project in the Perth basin through its jointly-owned Waitsia venture with Japanese trading house Mitsui. Both firms have a sale and purchase agreement with BP to supply 3.75mn t of LNG, representing its share of gas from the onshore Waitsia project that will provide feedstock to the 16.3mn t/yr North West Shelf LNG.

Beach is 30pc owned by media and industrial firm Seven, which in turn is controlled by Australian billionaire Kerry Stokes.


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