08/04/2009 - 11:16

Advance, Odin launch offer for Target

08/04/2009 - 11:16

Bookmark

Save articles for future reference.

West Perth-based companies Advance Energy and Odin Energy have joined forces to launch a cash and scrip takeover offer for oil explorer Target Energy.

Advance, Odin launch offer for Target

West Perth-based companies Advance Energy and Odin Energy have joined forces to launch a cash and scrip takeover offer for oil and gas explorer Target Energy.

Shares in West Perth-based Target climbed 8.3 per cent or 0.3 cents to last trade at 3.9 cents at 12:52 AET.

Advance and Odin have jointly established Blaze Asset, which is offering one cent and three Advance shares for every four Target shares held.

The cash component of the offer, valued at just over $1 million, will be funded by Odin.

The offer is not subject to a minimum bid condition.

Target holds a suite of oil and gas exploration projects in the US, mainly in Louisiana, while Advance holds assets in Texas.

Odin is currently focused on exploration and developments in the Cooper Basin in South Australia and also the Gulf Coast of the US.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options