The contest for the gas minnow may have a few more twists and turns, and it may just be an appetiser for a wave of consolidations in onshore West Australian gas.
Strike Energy has provided an update on its continuing and increased ownership of Warrego Energy and the West Erregulla gas field. Strike has secured a 19.9% shareholding and voting power in Warrego Energy by entering into share swap agreements for Strike ordinary shares with Warrego shareholders at a 1:1 share exchange ratio.
With three companies fighting over control of Warrego Energy, it is yet uncertain which direction the power battle may take. As it stands, Hancock Energy has the leading bid, but it has been blocked by an unforeseen move by Warrego’s partner, Strike Energy.