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MENAFN - ProactiveInvestors - Australia - 06/11/2012

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(MENAFN - ProactiveInvestors - Australia) Drillsearch Energy (ASX: DLS) is closer towards completing its takeover of Acer Energy (ASX: ACN) having increased its relevant interest to over 65%.

Acer's board had yesterday unanimously recommended that its shareholders accept Drillsearch's A0.285 per share all-cash offer, which an independent expert said was fair and reasonable in absence of an alternative offer.

The acquisition is targeted at consolidating Drillsearch's position in the western Cooper Basin and will give it the largest discovered unconventional gas resource outside of the Cooper Basin Joint Venture partners.

Post-consolidation, Drillsearch will have a combined Proved and Probable Reserves as well as best estimate Contingent Resource of 38.7 million barrels of oil equivalent.

 






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