Drillsearch Completes Purchase of Acer, Enlarges Cooper Basin Footprint

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Drillsearch Energy disclosed Friday that it "now holds the largest discovered, uncommitted conventional gas resource in the prolific Cooper Basin outside of the Cooper Basin Joint Venture partners", following the completion of its compulsory acquisition of Acer Energy.

In a statement, Drillsearch said that former Acer shareholders whose shares were acquired under the compulsory acquisition process have been posted a claim form to finalize payment of the consideration owed to them.

Drillsearch on Oct.25 last year offered to purchase Acer’s shares at 28.5 Australian cents per Acer share. Drillsearch’s offer – which placed Acer’s value $137.1 million (AUD 132.3 million) – was accepted by the latter’s shareholders.

Drillsearch is an oil and gas explorer and producer focused on the highly-prospective onshore Cooper-Eromanga Basin. Acer has oil and gas exploration plays in the same area, as well as the Bass Basin.
 

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