Mosman increases offer for MEO Australia takeover

Mosman Oil & Gas has announced it has increased the amount it will pay for its proposed takeover of MEO Australia.

Mosman has increased the all paper offer payable to MEO shareholders to one share for every 10 MEO shares from a previous bid of one Mosman share for every 20.

"This is a good opportunity for shareholders of both Mosman and MEO,” said group executive chairman John Barr.

"The combined entity can fund exploration, preserve longer term assets and progress to production and cash flow."

On Monday, Mosman shares closed up 30.43% to 7.50p.