Drillsearch Acquires Over 28M Shares in Ambassador Oil & Gas

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:

  1. Drillsearch issued the shares without disclosure to investors under Part 6D.2 of the Corporations Act
  2. As at the date of this notice, Drillsearch has complied with:
    • the provisions of Chapter 2M of the Corporations Act as they apply to Drillsearch; and
    • section 674 of the Corporations Act; and
  3. There is no "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act which is required to be disclosed by Drillsearch under section 708A(6)(e) of the Corporations Act


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