Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Drillsearch announces Cooper Basin takeover offer

28/05/2014 by

W1siziisijiwmtqvmtavmjgvmtuvndavmzkvntm0l2zpbguixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

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.

This article has been extracted from https://www.mywealth.commbank.com.au, please click on this link to read the article in full https://www.mywealth.commbank.com.au/companies/drillsearch-announces-cooper-basin-takeover-offer-news20140528

Montash is a multi-award winning, global IT recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Scientific Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdevmjavmtavntyvmtkvnzgzl0nsts5qcgcixsxbinailcj0ahvtyiisijm4mhgxmdajil1d

Salesforce moves into Seattle with new engine...

2017-01-20 10:00:00 +0000

Salesforce, a world leader in customer relationship management (CRM) solutions, has revealed that it is to open an innovation and engineering hub in Seattle. In order to increase the firm’s presence in the city, Salesforce Co-Founder Parker Harris said that the office located in Bellevue’s Nine Two Nine Office Tower will focus on its artificial intelligence (AI) initiatives. One reason for the move is so that the firm can access a new pool of talent. Ta...

W1siziisijiwmtcvmdevmtgvmdkvmtqvmzmvmzk5l0vsuc5qcgcixsxbinailcj0ahvtyiisijm4mhgxmdajil1d

Sage bolsters X3 business ERP solution

2017-01-18 09:00:00 +0000

Sage, one of the global leaders in enterprise resource planning (ERP) solutions, has revealed that it has signed up a trio of new clients to its X3 business solution. With the Salesforce.com partner wanting to be able to show its ability to host larger clients, the firm revealed that BrightBridge, Atlas Cloud and CLOUT are all now utilising the new and emerging X3 ERP platform. Sage Vice President of UK Enterprise David Watts talked about the latest agr...