Beach, Drillsearch propose merger

Offshore staff

GLENSIDE, Australia Beach Energy Ltd. (ASX:BPT) and Drillsearch Energy Ltd. (ASX:DLS) have entered into a binding merger implementation agreement whereby Beach has agreed to acquire all of the shares in Drillsearch that it does not already own.

In combination, the merger creates an oil and gas company on the ASX, with a market capitalization of approximately $1,169 million.

The transaction is subject to the approval of Drillsearch shareholders at a shareholder meeting expected to occur in late January 2016, as well as court approval and other conditions.


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