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AGL makes move on Mosaic

AGL Energy Ltd is seeking to buy out oil and gas explorer Mosaic Oil NL.

The non-binding offer for Mosaic was for 15 cents per Mosaic share and the board of Mosaic has said it will meet AGL to discuss the proposal in further detail.

The buy out, by way of a scheme of arrangement, would value Mosaic at $123.2 million. The offer is almost double Mosaic's closing price on Wednesday of 7.8 cents.

In early trade Mosaic shares were up strongly, and at 1020 AEST were trading up 4.7 cents, or 60 per cent, at 12.5 cents.

AGL has said it has entered into a number of pre-bid acceptance agreements in respect of 12.8 per cent of Mosaic's issued share capital, Mosaic said.

Mosaic told its shareholders they should take no action with respect to their shares.

In April Mosaic announced it was buying a 40 per cent interest in a large block of land located in the Cooper-Eromanga Basin in southwest Queensland that it said was highly prospective for oil.

Mosaic is also exploring areas of New Zealand for oil and gas.

Last month Mosaic announced the sale of its Papua New Guinea subsidiary for $US11 million ($A13.07 million) in cash to an undisclosed company.

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