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Innamincka and Drillsearch merge

Innamincka and Drillsearch merge

Norton Rose Australia has announced it is advising Innamincka Petroleum Ltd, which has agreed to a friendly merger (via scheme of arrangement) with Drillsearch Energy Ltd, advised by Blake…

Norton Rose Australia has announced it is advising Innamincka Petroleum Ltd, which has agreed to a friendly merger (via scheme of arrangement) with Drillsearch Energy Ltd, advised by Blake Dawson.

The merger is subject to a number of conditions, including Court and Innamincka shareholder approval.

According to Norton Rose, the merged group will create the Cooper Basin's "leading mid-tier oil and gas company", which will provide market capitalisation expected to be in excess of $150 million; a leading position in quality oil and gas production, development and exploration permits and project across the Cooper Basin; and existing commercial relationships with a strong JV partner in AGL to assist with the development of Cooper Basin gas commercialisation plans.

"The Innamincka/Drillsearch merger reflects the growing trend and strategic rationale for consolidation of junior to mid-cap oil and gas companies with complementary asset portfolios", said Norton Rose Australia partner Shaun Clyne.

Bill Koeck was the lead partner from Blake Dawson.

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