Microsoft Word - ASX Release - Update on Proposed Merger



For Immediate Release - 27 January 2016

Ref. #004/16


ASX Ltd

Companies Announcement Office Electronic Lodgement System


UPDATE ON PROPOSED MERGER WITH DRILLSEARCH


Beach Energy Limited (ASX: BPT, "Beach") is pleased to advise that shareholders of Drillsearch Energy Limited (ASX: DLS, "Drillsearch") today approved the scheme of arrangement ("Scheme") to implement the proposed merger of Beach and Drillsearch. Strong support for the merger was evident, with approximately 99% of votes cast in favour of the merger.


Acting Chief Executive Officer, Neil Gibbins, said "The support shown today by Drillsearch shareholders is further evidence of the compelling nature of this transaction. As we have said before, by combining two complementary organisations we expect to create the leading ASX‐listed mid‐cap oil and gas explorer and producer. We now look forward to completing the transaction, integrating the operations and continuing to execute our strategy to achieve sustainable growth in shareholder value."


The second Court hearing to approve the Scheme will be held on 18 February 2016 in the Federal Court of Australia, Sydney. Assuming all other conditions precedent to the Scheme are satisfied or waived (if applicable), the issue of new shares to Drillsearch shareholders is expected to occur in early March 2016.


Yours sincerely,



Neil Gibbins

Acting Chief Executive Officer


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

Neil Gibbins Acting Chief Executive Officer

Investor Relations

Derek Piper Investor Relations Manager


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Beach Energy Limited issued this content on 27 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 02:50:14 UTC

Original Document: http://www.beachenergy.com.au/IRM/PDF/4622/UpdateonProposedMergerwithDrillsearch