Blaze sweetens Target takeover bid

West Perth-based companies Advance Energy and Odin Energy, through joint venture company Blaze Asset, have extended and lifted its takeover offer for fellow oil and gas explorer Target Energy.

The original takeover deadline was due to expire on Friday afternoon, however Advance and Odin have extended the bid until June 19.

The offer was also increased to one Advance share and one cent cash for each Target share.

Previously Blaze was offering one cent and three Advance shares for every four Target shares held.

Blaze currently has a 5.14 per cent interest in Target.

Target is continuing to recommend its shareholders reject the offer.

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.