Australia-based oil and gas exploration company Beach Energy has launched a A$94m ($97.4m) takeover bid for Adelaide Energy.

Beach, which currently owns 19.95% of Adelaide Energy, launched an unconditional offer of 20¢ per share for all of the issued and outstanding ordinary shares it does not already own.

The oil firm has cash balances of A$100m and a multi-option financing facility of A$150m, providing it with the ability to fund the offer from existing cash reserves.