Sydney, Oct 13, 2009 AEST (ABN Newswire) - The directors of Drillsearch Energy Limited (ASX:DLS)(PINK:DRLLF) are pleased to announce an extension of the offer period for eligible shareholders to participate in the Company's share purchase plan ("SPP").
Last week the Company announced approval for the installation of an extended production test facility at the recent Chiton-1 oil discovery in the Cooper Basin (PEL-91), as well as the appointment of two new nonexecutive directors to the Board. These new independent Directors bring significant expertise in resources and finance to the Board. In addition, the Company also expects soon to release details of prospective resource estimates in relation to the Western Cooper Basin Gas and Liquids Project that have been reviewed by Gaffney, Cline & Associates Pty Limited (GCA). This additional review is an extension of the Reserves and Resources Review completed by GCA on 30 June 2009 and incorporated in the Company's Target Statement lodged in response to the Beach Petroleum takeover bid. These initiatives support the Company's strategic objective of being a major player in the Cooper Basin.
In view of these positive developments, the directors have extended the SPP offer period to 5pm AEDT on Friday 30 October 2009.
The extension of the offer period will provide those eligible shareholders who have not already participated in the SPP with additional time to consider the offer.
The SPP has received a favourable response from shareholders to date, with applications from more than 500 shareholders and in excess of A$3 million. The directors believe that the SPP represents an attractive offer and each of the directors who are eligible to participate has applied for the maximum amount of A$15,000 worth of new Drillsearch shares.
The directors note that since the announcement of the SPP on 14 September 2009, in excess of 232 million shares in the Company, representing approximately 12% of issued capital, have been exchanged on ASX at prices in excess of the SPP offer price of A5.0 cents per share. The directors are very pleased with this strong level of support.
The revised SPP dates are shown in the table below.
Drillsearch Energy Limited Share Purchase Plan Important Dates*
Record Date 14 September 2009
Original Closing Date 5pm AEDT, 13 October 2009
New Closing Date 5pm AEDT, 30 October 2009
New Allotment Date 4 November 2009
* The above dates are indicative only and the Company reserves the right to vary these dates without notice. Shareholders are encouraged to read and consider carefully the SPP Terms and Conditions. Shareholders who have any questions about the SPP or require a new Application Form, please call the Drillsearch Shareholder Information Line on 1300 822 361 (within Australia) and +61 3 9415 4341 (International).
Contact
Jim McKerlie
Chairman
Tel: +61-2-9241-4440
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