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<ul><li>Beach Energy and Drill Search Energy Limited, or Drillsearch, have proposed a merger via scheme of arrangement, valuing Drillsearch at AUD 384 million, a 27% premium to its last closing price.</li><li>Beach will issue five shares for every four Drillsearch shares, increasing shares on issue by 44% and leaving Drillsearch shareholders with 30% of the combined group.</li><li>The transaction requires Drillsearch shareholder approval, including at the scheme meeting in late January. If a sought ASX waiver is not forthcoming, Beach shareholders may also need to vote, in which case we'd advise approval.</li><li>Simplistically, the transaction looks better for Drillsearch, with pro forma fiscal 2015 numbers indicating that Beach will receive 33%-37% increases in revenue, operating cash flow, production, proven and probable reserves and production; that for a 44% increase in shares on issue.</li><li>Drillsearch comes with modest net debt to Beach's modest net cash, so the sound balance sheet will remain</li></ul><p><em>Analyst: Mark Taylor</em></p>

Beach Energy and Drill Search Energy Limited, or Drillsearch, have proposed a merger via scheme of arrangement, valuing Drillsearch at AUD 384 million, a 27% premium to its last closing price.Beach will issue five shares for every four Drillsearch shares, increasing shares on issue by 44% and leaving Drillsearch shareholders with 30% of the combined group.The transaction requires Drillsearch shareholder approval, including at the scheme meeting in late January. If a sought ASX waiver is not forthcoming, Beach shareholders may also need to vote, in which case we'd advise approval.Simplistically, the transaction looks better for Drillsearch, with pro forma fiscal 2015 numbers indicating that Beach will receive 33%-37% increases in revenue, operating cash flow, production, proven and probable reserves and production; that for a 44% increase in shares on issue.Drillsearch comes with modest net debt to Beach's modest net cash, so the sound balance sheet will remainAnalyst: Mark Taylor

Beach to Cement Its Place as Australia's Largest Onshore Oil Producer via Drillsearch Merger

Australia

Beach Energy Limited explores for, develops, and produces oil and natural gas. The Company holds interests in exploration and production tenements in Australia, USA, Egypt, Tanzania and Papua New Guinea.

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Beach Energy (BPT AU)

Beach to Cement Its Place as Australia's Largest Onshore Oil Producer via Drillsearch Merger

Beach Energy and Drill Search Energy Limited, or Drillsearch, have proposed a merger via scheme of arrangement, valuing Drillsearch at AUD 384...

Morningstar, Inc.

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