Microsoft Word - ASX Announcement - ASX Waiver 111115



For Immediate Release - 11 November 2015

Ref. #073/15


ASX Ltd

Companies Announcement Office Electronic Lodgement System


Dear Sir,


PROPOSED MERGER WITH DRILLSEARCH - IN PRINCIPLE WAIVER OF ASX LISTING RULE 10.1


As announced on 23 October 2015, Beach Energy Limited (ASX: BPT, 'Beach') and Drillsearch Energy Limited (ASX: DLS, 'Drillsearch') have agreed terms for a merger, recommended by the Boards of both companies. The merger will be implemented via a scheme of arrangement, the details of which were set out in the announcement and accompanying Merger Implementation Agreement.


At the time of announcement, Beach was seeking a waiver from the Australian Securities Exchange ('ASX') in relation to ASX Listing Rule 10.1, which would require approval by Beach shareholders for the acquisition of Drillsearch shares from Seven Group Holdings Limited and its subsidiaries.


Beach advises that an in principle waiver of ASX Listing Rule 10.1 has now been granted by ASX, and consequently a meeting of Beach shareholders in relation to the transaction will not be required.


Timing for completion of the proposed merger remains unchanged and is summarised in the table below.


Yours sincerely,



Neil Gibbins

Acting Chief Executive Officer


ASX Release



Event Date

First Court Date Mid December 2015


Dispatch Explanatory Booklet to Drillsearch Shareholders Mid December 2015 Scheme Meeting Late January 2016

Second Court Date Mid February 2016


Effective Date Mid February 2016


Record Date Late February 2016


Implementation Date Late February 2016



For more information please contact the following on +61 8 8338 2833: Corporate

Chris Jamieson Group Executive External Affairs

Investor Relations

Derek Piper Investor Relations Manager

distributed by