Drillsearch Gains Control of 89.1% Shares in Ambassador Oil & Gas

Drillsearch Energy Limited reported Monday that Ambassador Oil and Gas Limited (Ambassador) has today advised shareholders that Gustino Guglielmo has resigned as a director of Ambassador.

Drillsearch is pleased to announce that Peter Fox has been appointed a director of Ambassador. Peter is chief commercial officer of Drillsearch Energy Limited (Drillsearch), and director of Drillsearch (Central) Pty Limited.

Drillsearch currently has a relevant interest in 89.1 percent of Ambassador and encourages all remaining Ambassador shareholders to ACCEPT the Offer NOW. The Offer is now due to close at 7pm Sept. 22.

Drillsearch encourages Ambassador shareholders to ACCEPT NOW as:

• Former Ambassador Managing Director Gustino Guglielmo, the last independent director, has resigned as a director of Ambassador
• Drillsearch controls Ambassador
• Drillsearch intends to apply to ASX to delist Ambassador should Drillsearch acquire less than 90 percent of Ambassador
• Drillsearch has an 89.1 percent relevant interest in Ambassador (at 9.00 am on Sept. 15) and intends to proceed to compulsory acquisition if it acquires 90 percent
• Ambassador shareholders will receive their consideration within 10 Business Days by accepting the Drillsearch Offer. It may be some months before consideration is provided under compulsory acquisition
• The Drillsearch Offer represents an attractive premium of 53.8 percent over Ambassador’s unaffected share price

Please refer to Drillsearch's Bidder's Statement and Supplementary Bidder's Statements for information regarding Drillsearch and the full terms of the Drillsearch Offer. If Ambassador Shareholders have any questions in relation to the Drillsearch Offer they should contact their financial adviser or contact the Drillsearch Offer Information Line on 1300 365 790 (for calls made within Australia) or +61 1300 365 790 (for international callers) between 8.30am and 5.30pm (Sydney time) Monday to Friday.