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Drillsearch announces Cooper Basin takeover offer

28/05/2014 by


Drillsearch Energy (DLS) has made an off-market takeover offer for Cooper Basin explorer Ambassador Oil and Gas (AQO), offering one DLS share for every 5.4 Ambassador shares.

Drillsearch has acquired a 19.9% of Ambassador’s shares and in a statement today said that shareholders representing another 17.6% of the company had advised that they intend to accept the offer in the absence of a superior proposal.

The offer implies a value of $0.293 per Ambassador share, based on Drillsearch’s $1.58 closing price yesterday, and values AQO at around $41.6m.

The implied offer price represents a substantial premium to the level at which Ambassador shares have recently been trading.

On Friday, 23 May, which was the trading day prior to Ambassador entering a trading halt, AQO shares closed at $0.195.

AQC owns a 47.5% interest in an exploration permit in the Northern Cooper Basin which is adjacent to existing Drillsearch permits in the region.

In a statement announcing the offer, Drillsearch said there was a “compelling strategic rationale” for consolidating Drillsearch’s dominant position in the Northern Cooper Wet Gas area.

“The Coolibah 3D seismic survey has substantially de-risked both permits and identified significant prospectivity in the area, both in terms of conventional wet gas and the unconventional exploration being pursued by the existing PEL 570 joint venture,” said Drillsearch chairman Jim McKerlie.

The directors of Ambassador have unanimously said they recommend shareholders accept the offer in the absence of a superior proposal.

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