Australia's Drillsearch Energy Limited (Drillsearch) announced Thursday that at 5:00 pm (Sydney time) June 11, it completed the acquisition of a total of 28,259,238 fully paid ordinary shares in Ambassador Oil and Gas Limited (Ambassador) (representing 19.9 percent of the total issued share capital of Ambassador) pursuant to the terms of share purchase deeds dated May 28 between Drillsearch and a number of Ambassador shareholders (Share Purchase Deeds). Under the Share Purchase Deeds, Drillsearch agreed to issue Ambassador shareholders 1 fully paid ordinary share in Drillsearch for every 5.4 fully paid ordinary shares in Ambassador (or a total of 5,233,177 fully paid ordinary shares in Drillsearch).
In accordance with section 708A(5)(e) of the Corporations Act 2001 (Cth) (the Act), Drillsearch advises that:
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