Drillsearch Energy Limited (Company) announced Tuesday the satisfaction of the mutual due diligence conditions to the series of binding transactions with Santos Limited (Santos) as announced July 4. The transactions aim to accelerate Western Cooper Wet Gas commercialization and expand Drillsearch’s Cooper Basin oil Reserves and production in Australia.
Drillsearch believes the transactions with Santos deliver a material result for the Company. The transactions offer an attractive outcome for the shareholders of both companies and builds on the productive relationship that Drillsearch has developed with Santos over the past several years.
Key features of the series of transactions include the following:
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