Hancock Prospecting increased its cash offer to acquire Warrego Energy by 28% to $0.36 (Aus.) per Warrego share.

The bid surpasses Strike Energy’s $0.32 (Aus.) all-scrip offer made in late December.

Hancock’s latest bid is conditional on the acceptance of 40% of Warrego shareholders. Hancock already holds 29.5% of Warrego’s stock.

The offer will close Jan. 31, 2023, and values Warrego at $447 million (Aus.).