Ensign Extends Bid For Australian Oil & Gas

Ensign Resource Service Group Inc. has extended the closing date of its takeover bid for Australian Oil & Gas Ltd. to June 27 from June 13.

Earlier this month, Ensign increased its offer for AOG to A$2.30 a share and A$1.10 an option. The company also has offered to pay an extra 10 cents a share and option should it secure more than 50% of its target.

However, even this sweetened offer has since been eclipsed by a competing bid from Parker Drilling Co., which is offering A$2.50 a share and A$1.30 an option. In addition to Ensign and Parker, Precision Drilling Corp. has offered to buy AOG.