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

W1siziisijiwmtcvmduvmjmvmtmvmjavmjkvndg3l3nodxr0zxjzdg9ja180mtqwnti1mdeuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Their Shoes... Matthew Gilbranch, Managing C...

2017-05-23 15:00:00 +0100

Matthew Gilbranch (32) is a managing consultant here at Montash, managing the SAP team. With 7 years in the global recruitment industry, he loves helping people and building lasting relationships with clients and candidates alike. He took the time to talk to us about what a typical day is like in the global IT recruitment industry. "I get up at 6 and I'm out of the house by half 6 and on the train by twenty to 7. On the train I tend to have a power nap ...

W1siziisijiwmtcvmduvmdqvmtyvndavmzkvotg5l3nodxr0zxjzdg9ja181ndm0mduxmtuuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

7 Things About Your CV You Need To Fix Right ...

2017-05-04 18:00:00 +0100

As a global technology recruitment agency, we are in touch with candidates day in and day out. We've seen all kinds of CVs in our time and know a good one when we see it. As our recruitment team look to find the ideal candidate, they are looking for CVs that show how candidates can impact their clients in a positive way, not just look flashy on paper. You only have a small amount of space on your CV to show off your skills, so make every word count. Cut...