Strike increases Warrego ownership in midst of acquisition offers

Dec. 7, 2022
Strike Energy Ltd., Perth, has agreed to increase its shareholding in Warrego Energy Ltd., Sydney, to 19.9% via the swap of Strike ordinary shares for Warrego ordinary shares at a 1:1 share exchange ratio, the company said in a release Dec. 7.

Strike Energy Ltd., Perth, has agreed to increase its shareholding in Warrego Energy Ltd., Sydney, to 19.9% from 7.6% via the swap of Strike ordinary shares for Warrego ordinary shares at a 1:1 share exchange ratio, the company said in a release Dec. 7.

Post settlement, Strike will become Warrego’s largest shareholder and will increase Strike’s direct and indirect ownership of North Perth basin permit EP469, which contains West Erregulla gas field and near field low risk upside, to about 60%.

Strike is the original bidder in a now three-way battle with Beach Energy Ltd, Adelaide, and Hancock Prospecting Pty Ltd., Perth, to acquire Warrego (OGJ Online, Nov. 10, 2022; Dec. 2, 2022). As part of the Dec. 7 release, the company said, “for the avoidance of doubt, Strike’s board has not formed any intention with regards to any future transaction that may involve Warrego, and Strike is currently considering all available strategic options.”