Drillsearch Energy Ltd. announced Thursday that the Federal Court of Australia has approved the company's $277 million (AUD 384 million) all-scrip merger with Beach Energy Ltd, following the overwhelming support by its shareholders at meeting held on Jan. 26.
The firm expects to lodge the final court orders with the Australian Securities and Investments Commission later today, at which point the merger will take effect.
Meantime, both companies are working to complete implementation of the merger shortly. When completed, scheduled for March 1, Drillsearch will become a wholly-owned subsidiary of Beach.
“On behalf of the Board, I’d like to thank Drillsearch shareholders for their support throughout the company’s journey from a junior explorer to one of Australia’s biggest onshore oil producers ... This transaction allows Drillsearch shareholders the opportunity to participate in a bigger organization, well positioned for future growth,” Drillsearch Chairman Jim McKerlie said in the press release.
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