Hancock Prospecting Pty Ltd offered to acquire Warrego Energy Limited (ASX:WGO) from the group of shareholders for approximately AUD 440 million on November 30, 2022. As per the terms, Hancock Prospecting offered AUD 0.23 for each Warrego Energy share. On December 2, 2022, the offer price was revised form AUD 0.23 to AUD 0.28. As of January 5, 2023, the offer per share has been raised to AUD 0.36, which is subject to Hancock receiving at least 40% acceptance. As of February 10, 2023, the Board has appointed Messrs Ian Plimer, Gerhardus Veldsman, and Stuart Johnston as nominee Directors of Warrego, with immediate effect. The consideration will be satisfied in cash, and will be satisfied from Hancock existing cash reserves. The transaction is subject to Warrego board approval, and other customary conditions. The offer is expected to close on January 31, 2023. As of December 1, 2022, Warrego Board advises shareholders to take no action in relation to the Hancock Takeover Offer until they receive further advice from the Warrego Board. As of December 2, 2022, Beach energy has increased its offer per share to AUD 0.25. As of December 15, 2022, the board of Warrego has recommended its shareholders take no action. As of January 5, 2023, the majority of the board of Warrego has recommended the shareholders accept the Hancock offer. As of January 23, 2023, the offer has become unconditional. As of January 31, 2023, the offer has been extended till February 10, 2023. As of February 7, 2023, the offer has been extended till February 24, 2023. Computershare Investor Services Pty Limited acted as a registrar, and Corrs Chambers Westgarth acted as a legal advisor to Hancock Prospecting. Allens acted as legal advisor to Warrego. As of February 16, 2023. Warrego Energy Limited (ASX:WGO) has lodged the Third Supplementary Target's Statement with the Australian Securities & Investments Commission and served on Hancock. This Third Supplementary Target's Statement has been approved by a resolution passed by the Directors of Warrego Energy Limited ACN 125 394 667. HANCOCK CONFIRMED THAT IF IT OWNS 90% OR MORE WARREGO SHARES, IT WILL PROCEED TO COMPULSORY ACQUISITION OF REMAINING WARREGO SHARES.

Hancock Prospecting Pty Ltd completed the acquisition of Warrego Energy Limited (ASX:WGO) from the group of shareholders on February 24, 2023.