On releasing its supplementary bidders to the market, Santos said the $1.26 per share offer would now close on January 31, a 42-day extension to the revised date of next Tuesday, December 19. The bid had originally been due to expire on November 30.

Santos has barely made any inroads into persuading QGC shareholders to relinquish their stock in the two months since first announcing the offer. In today’s statement, the company said it now holds 3.88% of the issued capital in QGC, or 0.02% more than the 3.86% it held previously.

Last week, it appeared that AGL Energy had thwarted Santos’ takeover plans, after the energy producer and retailer giant secured a 27.5% stake in QGC for up to $292 million.

AGL's stake could grow to as much as 30% following a planned share buyback.

AGL will also secure a 540-petajoule, 20-year gas supply agreement with QGC with an additional 200PJ option, below the current average price of AGL’s wholesale gas portfolio. In addition, the company is entitled to appoint three out of nine directors to the QGC board.

Santos noted the AGL arrangement and said it was considering its position in relation to the proposed transactions.

In welcoming the move, QGC chairman Bob Bryan said the strategic relationship with AGL would underpin its continued development and growth as an independent energy company.

Santos decided to its extend offer for the first time in response to the launch of an investigation by the Australian Consumer and Consumer Commission into whether the takeover would reduce competition in the eastern states’ gas market.

The ACCC’s findings are due to be released any day now.