Drillsearch shareholders approve Beach merger

Sydney-based Drillsearch Energy informed on Wednesday that its shareholders approved the proposed merger with Beach Energy. 

The scheme of arrangement was approved with a 94 percent votes in favour of the merger with 99 percent of votes cast at the meeting, Drillsearch revealed in its filing to the Australian stock exchange.

The all-scrip merger will create the largest mid-cap oil and gas company listed on ASX, according to Drillsearch.

The next step in the implementation of the proposed merger is the second court hearing to seek approval of the scheme which is scheduled for February 18 in the Federal Court of Australia in Sydney.

The merger is expected to be finalised in early March 2016, subject of the court approval and the satisfaction or waiver of the remaining conditions.

LNG World News Staff