Drillsearch Energy to Takover Ambassador Oil and Gas

The Bid Implementation Agreement includes customary deal protections including no shop and no talk provisions, break fee provisions and various other provisions relating to the Offer.

Indicative Timetable

The Bidder’s Statement is expected to be lodged with ASIC, Ambassador and released to the ASX around the middle of June and dispatched to Ambassador shareholders shortly thereafter. Ambassador has given its consent under section 633(1) of the Corporations Act to the early dispatch of the Bidder’s Statement by Drillsearch.

A Target’s Statement is expected to be released and dispatched to Ambassador shareholders at the end of June or early July.

Advisors

Drillsearch's legal advisor is Ashurst.


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