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BEACH ENERGY LIMITED — M&A Activity 2008
Jun 29, 2008
64558_rns_2008-06-29_a139ca2b-aa77-4fcb-8bf8-9f93815ccc84.pdf
M&A Activity
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ASX/media announcement 30 June 2008
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BEACH PETROLEUM ADVISES SUPPORT FOR GREAT ARTESIAN MERGER WITH DRILLSEARCH
On 18 April 2008 Great Artesian Oil and Gas Limited (“Great Artesian”) (ASX: GOG) and Drillsearch Energy Limited (“Drillsearch”) (ASX:DLS) announced their intention to merge by way of Scheme of Arrangement (“Merger”).
GREAT ARTESIAN OIL & GAS
Great Artesian Oil & Gas Limited ABN: 44 078 607 682 Level 2, 161 Walker Street North Sydney NSW 2060 Australia Phone (61) 2 9929 3383 Fax (61) 2 9929 3883 [email protected]
David Williams, Managing Director (61) 2 9929 3383
DRILLSEARCH ENERGY LIMITED
Drillsearch Energy Limited ABN: Level 8, 16 Spring Street Sydney NSW 2000 Australia Phone (61) 2 9241 4440 Fax (61) 2 9241 4404 [email protected]
www.drillsearch.com.au
Peter Simpson, Executive Chairman (61) 2 9241 4440
On 19 June 2008, the Federal Court of Australia ordered that a meeting of Shareholders of Great Artesian (“Scheme Meeting”) be convened at 10.30am (Sydney time) on 28 July 2008 at the Sydney Harbour Marriott Hotel, 30 Pitt Street, Sydney to enable a vote to be taken on the proposed Merger.
Great Artesian has [today] been advised by Beach Petroleum Limited (ASX:BPT) that Beach intends to vote in favour of the Merger, in the absence of a superior proposal.
Mr Peter Hopkins, Non Executive Chairman of Great Artesian said, “We are very pleased to have received this expression of support from Beach, our largest shareholder. Great Artesian also enjoys a close working relationship with Beach which is a joint venture partner in our SA Cooper Basin permits.
“We are both proceeding on a very constructive basis in those permits as evidenced recently with the extension of the Beach operated Modiolus 3D seismic survey from PEL 92, into PEL 91.”
Beach currently holds 29,000,000 shares which represents approximately 15.77% of Great Artesian’s issued capital.
The Board of Great Artesian unanimously recommends that all Great Artesian Shareholders vote in favour of the Merger in the absence of a superior proposal and encourages those who cannot attend the meeting to complete and forward without delay the proxy form enclosed with the Scheme Booklet sent to them.
If Great Artesian shareholders have any questions in relation to the Merger, please call Great Artesian between 9:00am to 5:00pm (AEST) Monday to Friday on 02 9929 3383.
FOR FURTHER INFORMATION PLEASE CONTACT:
| Great Artesian Oil and Gas Limited | Drillsearch Energy Limited |
|---|---|
| Mr David Williams, Managing Director | Mr Peter Simpson, Executive Chairman |
| Tel + 61 2 9929 3383 | Tel + 61 2 9241 4440 |
| Website:www.greatoil.com.au | Website:www.drillsearch.com.au |
| Level 2, 161 Walker Street | Level 8, 16 Spring Street |
| North Sydney NSW 2060 | Sydney NSW 2000 |
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