Ashurst Australia has
advised Drillsearch Energy Limited (Drillsearch) on a A$50 million
placement, to be used primarily for development. The
placement value, originally announced at A$40 million on 26 July
2012, was upscaled to A$50 million.
Drillsearch, an oil and gas explorer and developer focused on the
Cooper-Eromanga Basin, implemented the fully underwritten placement
to sophisticated and institutional investors.
The issue price of A$1.02 per share reflects an 11.3 per cent
discount to the last closing price of $1.15 and an 11.8 per cent
discount to the five day VWAP of $1.16. UBS AG is the
underwriter and lead manager and RBC Capital Markets is co-lead
According to Bill Koeck Ashurst lead partner on this matter: "Drillsearch is a great
up-and-comer; a successful oil and gas explorer transitioning to a
"We have acted for Drillsearch for a few years and watched the new
board and management team take them from being a small company into
the ASX 200."
Ashurst team members included senior associate Anton Harris and lawyer James