Australia's Drillsearch Acquires Local Player Ambassador Oil & Gas

Drillsearch Energy on Monday announced it has successfully completed compulsory acquisition of the outstanding shares in Ambassador Oil & Gas.

Following compulsory acquisition, Ambassador is a wholly-owned subsidiary of Drillsearch.

“A claim form to enable former Ambassador shareholders whose shares have been acquired through compulsory acquisition to receive the offer consideration has been posted to the registered address for relevant shareholders,” Drillsearch said.

The compulsory acquisition process finalises Drillsearch’s successful acquisition of Ambassador, consolidating Drillsearch’s position in the Northern Cooper and providing further diversification of Drillsearch’s unconventional business outside of the Nappamerri Trough and into the more liquids-rich Patchawarra Trough adjacent to its existing PEL 101 acreage.