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Australia: Court approves Beach-Drillsearch merger

By  |  February 18, 2016

The Federal Court has signed off on the planned merger of Beach Energy and Drillsearch, with the tie-up slated to be implemented on March 1.

Drillsearch, which will become a subsidiary of Beach under the deal, will cease trading after the market close today as it lodges the court order.

The all-scrip merger will see the company become the largest oil producer in the central Australian Cooper Basin and the area’s second largest gas producer. The group will also have operations in Queensland.

“On behalf of the board, I’d like to thank Drillsearch shareholders for their support throughout the company’s journey from a junior explorer to one of Australia’s biggest onshore oil producers,” Drillsearch chairman Jim McKerlie said.

“This transaction allows Drillsearch shareholders the opportunity to participate in a bigger organisation, well positioned for future growth.”

The companies said they were working to complete implementation of the merger “as soon as practicable” following the scheme becoming effective today.

Full content: Rigzone

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