The battle for Australian Oil and Gas Corp. Ltd. intensified at press time as Parker Drilling Co., Houston, announced it would make a bid that values AOG at approximately A$153 million (US$88 million), or 6.25% more than one by Calgary-based Precision Drilling Corp. AOG management endorsed Precision's offer, which was higher than one made by Calgary-based Ensign Resource Service Group Inc., which already owns more than 16% of AOG common stock. Ensign responded to Precision's offer with a second bid. Parker Drilling said acquiring AOG would expand its international land fleet by 28 units to 69 rigs, and its total worldwide fleet to 107 rigs. It would increase Parker's presence in its existing Asia-Pacific markets of Indonesia and New Zealand, and let it enter new markets in Oman and Australia. AOG also has rigs in Argentina and Libya. "AOG fits well with our strategic plan to expand international operations into areas where we anticipate significant growth in the future," president Robert L. Parker Jr. said. -Petroleum Finance Week
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