Hopetaft: Beach Energy Drillsearch Merger

Beach Energy Drillsearch Merger

A merger of beach and drillsearch has put the spotlight on other potential mergers in the sector such as cooper energy and strike energy analysts said. Beach energy is pleased to announce that its merger with drillsearch is effective today 1 march and drillsearch is now a subsidiary of beach.

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Drillsearch is now a wholly owned subsidiary of beach and trading of the new beach shares is expected to begin on wednesday.

Beach energy drillsearch merger. Beach energy has merged with rival drillsearch energy with beach shares expected to be issued to drillsearch shareholders on tuesday. A logical extension would be for the beachdrillsearch entity to continue consolidation within the sector ord minnett analyst john young told clients. Cooper basin oil and gas companies beach energy and drillsearch energy have bowed to stokes family calls to merge striking a 117 billion deal to create a company with 20 million a year fewer costs and a strong balance sheet that can make more acquisitions in todays depressed oil market.

Beach energy yesterday outlined an agreed merger with drillsearch energy to create a 11 billion entity. Originally published as beach energy and drillsearch merge. Asx announcements from beach energy bpt bpt australias leading mid cap oil and gas exploration and production company with operations in five producing basins.

The merger will offer the midtier producers the scale and balance sheet strength to. The larger beach energy will buy its rival in an all stock deal that values drillsearch at about a384 million. The deal has the backing of kerry stokes seven group holdings which has a 199 per cent stake in the two companies and has pushed for the two to get together.

By drillsearch in connection with the merger whereby each drillsearch share on issue other than drillsearch shares held by an excluded shareholder will be exchanged for 125 new beach. Management will be selected on a best for job basis drawing on the depth and experience available within the combined management teams. Merger to be implemented via a drillsearch scheme of arrangement drillsearch shareholders will receive 125 beach shares for each drillsearch share held valuation.

A merger integration group led by acting chief executive beach neil gibbins and drillsearch chief executive walter simpson will commence planning for the combined group immediately. All drillsearch shares have been acquired by beach and the scheme of arrangement which sets out how the two companies will integrate can now be implemented.

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