Oz Warrego Shareholders Approve Petrel Merger

Australian Warrego Energy’s shareholders have approved the company’s acquisition by Petrel Energy through the reverse takeover process, Petrel said March 11.

According to Petrel, the only material conditions precedent to completion of the reverse takeover are the passing of the extraordinary general meeting resolutions on March 15. The merger was first announced in November 2018. 

“We are very pleased with the support provided by Warrego shareholders in what can only be seen as a vote of confidence in the new combined Warrego board and management team and the drilling of West Erregulla-2. Drill site preparations at West Erregulla-2 are currently underway for what is potentially the most significant well drilled onshore Australia this year and a near identical analogue to AWE’s Waitsia field,” Petrel’s managing director, David Casey, said.

Petrel has also announced that the board of Warrego has asked Greg Columbus to remain as chairman of the company on completion of the proposed reverse takeover.

Dennis Donald, Warrego’s managing director, said that the combined Warrego entity benefits from a material portfolio of international, excellent, scale projects with funding in place from the recently completed Warrego convertible note issue which raised A$5m (US$3.5mn).