Area: Corporate

Value: $40 million

Key Players: Bill Koeck led for Ashurst. RBC Capital Markets was the co-lead manager and UBS AG was the sole underwriter and sole lead manager

Deal significance: Drillsearch (an oil and gas explorer and developer focused on the highly-prospective Cooper-Eromanga Basin) is undertaking a fully underwritten placement to qualified sophisticated and institutional investors to raise approximately $40 million. The funds raised under the placement will be primarily used for development activities. 

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The issue price of $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. Koeck said: “Drillsearch is a great up-and-coming successful oil and gas explorer transitioning to a significant producer. We have acted for them for a few years and watched the new board and management team take them from being a small company into the ASX 200.”