Ensign Resource Service Group, Canada's second largest oilfield services firm, has said that it has increased its bid for control of Australian Oil & Gas Corp. by twelve and a half percent percent, topping rivals Parker Drilling Co. and Precision Drilling Corp.
The Calgary based Ensign raised its bid for Australian Oil & Gas to A$2.70 a share and A$1.50 for listed options, if it obtains control by July 11th, it said. That values the Australian company at A$175 million ($97 million), said Ensign, which already owns a sixteen percent stake in Australian Oil & Gas.
The bidders are vying for Sydney based AOG to increase their businesses outside of North America.
The latest offer is Ensign's third bid. If it does not get half Australian Oil & Gas's shares by July 11th, it will pay A$2.60 a share, or A$1.40 per listed option, Ensign said.