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Blakes digs deep for Drillsearch capital raising

Blakes digs deep for Drillsearch capital raising

Blake Dawson has acted for Drillsearch Energy Limited in a capital raising comprising two placements to institutional investors (one of which is subject to shareholder approval at a general…

Blake Dawson has acted for Drillsearch Energy Limited in a capital raising comprising two placements to institutional investors (one of which is subject to shareholder approval at a general meeting to be held on or about 17 June 2011) and a 3-for-20 non-renounceable pro-rata entitlement offer to eligible shareholders to raise approximately $48 million.

Drillsearch will use the proceeds from the capital raising primarily to progress the PEL 91 oil exploration and development program, develop the PEL 106B wet gas pilot project and undertake a broad exploration program across Drillsearch's oil, wet gas and unconventional businesses.

The entitlement offer is fully underwritten by Wilson HTM.

The Blake Dawson team comprises Bill Koeck, Anton Harris, Elizabeth Hourigan and Nicholas Perkins.

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