Drillsearch Shareholders Approve Merger with Beach Energy

Beach Energy on Wednesday informed that shareholders of Drillsearch Energy have approved the proposed merger of the two companies.

Approximately 99 percent of votes were cast in favour of the merger, Drillsearch said.

“The support shown today by Drillsearch shareholders is further evidence of the compelling nature of this transaction. As we have said before, by combining two complementary organisations we expect to create the leading ASX-listed mid-cap oil and gas explorer and producer. We now look forward to completing the transaction, integrating the operations and continuing to execute our strategy to achieve sustainable growth in shareholder value,” acting Chief Executive Officer, Neil Gibbins, said.

The second court hearing to approve the scheme will be held on 18 February 2016 in the Federal Court of Australia, Sydney. 

Issue of new shares to Drillsearch shareholders is expected to occur in early March 2016.