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Acer Energy urges shareholders to hold on Drillsearch Energy offer

Last updated: 08:30 15 Oct 2012 BST, First published: 07:30 15 Oct 2012 BST

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Acer Energy (ASX: ACN) continues to urge shareholders to take no action regarding Drillsearch Energy’s (ASX: DLS) A$118.4 million all cash takeover offer.

The company said it is reviewing the offer and that it will respond with its recommendation once the Offer document is despatched to Acer’s shareholders.

Acer also noted the recent substantial shareholder’s notice lodged by Senex Energy (ASX: SXY) advising that it had acquired a 6.42% stake in Acer.

Senex is a joint venture partner with Acer in two Cooper Basin tenements.

Drillsearch’s offer, which is fully funded by its existing cash reserves and a A$100 million 15-month debt facility from Commonwealth Bank, has already received the support of Acer’s largest shareholder Republic Investment Management.

Republic had previously sold 19.9% of Acer to Drillsearch and plans to accept the offer for its remaining 18.82% holding in the absence of a superior offer.

The acquisition is targeted at consolidating Drillsearch’s position in the western Cooper Basin and will give it the largest discovered unconventional gas resource outside of the Cooper Basin Joint Venture partners.

Post-consolidation, Drillsearch will have a combined Proved and Probable Reserves as well as best estimate Contingent Resource of 38.7 million barrels of oil equivalent.

 

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