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.
Written by
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.
Please use one of the following formats to cite this article in your essay, paper or report:
APA
Scanlon, Joel. (2019, March 19). AGL Makes $123 million Bid for Mosaic Oil. AZoMining. Retrieved on February 18, 2026 from https://www.azomining.com/News.aspx?newsID=84.
MLA
Scanlon, Joel. "AGL Makes $123 million Bid for Mosaic Oil". AZoMining. 18 February 2026. <https://www.azomining.com/News.aspx?newsID=84>.
Chicago
Scanlon, Joel. "AGL Makes $123 million Bid for Mosaic Oil". AZoMining. https://www.azomining.com/News.aspx?newsID=84. (accessed February 18, 2026).
Harvard
Scanlon, Joel. 2019. AGL Makes $123 million Bid for Mosaic Oil. AZoMining, viewed 18 February 2026, https://www.azomining.com/News.aspx?newsID=84.
We're committed to providing free access to quality science. By registering and providing insight into
your preferences you're joining a community of over 1m science interested individuals and help us to
provide you with insightful content whilst keeping our service free.
or
Terms
While we only use edited and approved content for Azthena
answers, it may on occasions provide incorrect responses.
Please confirm any data provided with the related suppliers or
authors. We do not provide medical advice, if you search for
medical information you must always consult a medical
professional before acting on any information provided.
Your questions, but not your email details will be shared with
OpenAI and retained for 30 days in accordance with their
privacy principles.
Please do not ask questions that use sensitive or confidential
information.
Read the full Terms & Conditions.