Under the terms of the agreement, Beach has agreed to acquire all of the shares in Drillsearch that it does not already own via a scheme of arrangement in which Drillsearch shareholders will receive 1.25 Beach shares for each Drillsearch share held.
The Directors of Drillsearch have unanimously recommended that all Drillsearch shareholders vote in favour of the scheme.
“This is a common sense combination of two Cooper Basin businesses sharing significant core assets,”? Beach Chairman Glenn Davis said.
“The proposed merger will provide both Beach and Drillsearch shareholders exposure to a more efficient, cost effective and diverse Cooper Basin business with larger production and reserves, delivering real benefits to all shareholders.”?