BG Group Buys Stake in Drillsearch

BG Group, through its subsidiary QGC Limited, has decided to take a 9.4 per cent stake in Drillsearch Energy.

The purchase is likely to cost BG Group $19.6 million. The options were granted as part of an earlier deal for BG to earn a 60 per cent interest in exploration acreage held by Drillsearch in the Cooper Basin.

Drillsearch managing director Brad Lingo said the capital raised would be used to pay the company’s share of the work program and will also be put towards further exploration and appraisal work at the company’s wet gas play in the Western Cooper.