AGL Makes $123 million Bid for Mosaic Oil

AGL Energy Ltd is hoping to purchase Mosaic Oil NL. AGL is Australia’s largest energy retailer and it has offered an AUD $123 million conditional cash bid to the local junior Mosaic Oil Ltd. The offer values the shares in Mosaic at 15 cents while its last traded price was about 8 cents on Wednesday.

The 92 % premium caused the Mosaic shares to jump up by over 60% after Mosiac Oil company officials released the statement of the offer on Thursday. AGL has also sought a number of pre-bid acceptance agreements for Mosiac’s issued share capital.

As per Mosiac it is yet to consider the incomplete and non binding offer being made by Sydney based AGL and it looks forward to further discussions with them. Mosaic Oil even told its shareholders about taking no action with respect to their shares.

Mosaic is exploring areas of New Zealand for oil and gas. It has also sought to buy a 40% interest in the Cooper – Eromanga Basin in Queensland which has a high prospect of oil.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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