Drillsearch Energy Limited announced Monday that it has successfully completed compulsory acquisition of the outstanding shares in Ambassador Oil & Gas Limited (Ambassador). Following compulsory acquisition, Ambassador is a wholly-owned subsidiary of Drillsearch.
A claim form to enable former Ambassador shareholders whose shares have been acquired through compulsory acquisition to receive the offer consideration has been posted to the registered address for relevant shareholders.
The compulsory acquisition process finalizes Drillsearch’s successful acquisition of Ambassador, consolidating Drillsearch’s position in the Northern Cooper and providing further diversification of Drillsearch’s Unconventional Business outside of the Nappamerri Trough and into the more liquids-rich Patchawarra Trough adjacent to our existing PEL 101 acreage (Drillsearch 80 percent and Operator).
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