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Drillsearch Energy Limited (ASX:DLS) Conditional Placement Cleansing Statement

Drillsearch Energy Limited (ASX Code: DLS) Notification Under section 708A(5)(e) of the Corporations Act 2001 (Cth)

Drillsearch Energy Limited ABN 73 006 474 844 (Drillsearch) announced on 16 May 2011 a non-renounceable pro-rata entitlement offer (Entitlement Offer) of 3fully paid ordinary shares in Drillsearch (New Shares) for every 20 fully paid ordinary shares in Drillsearch held by all holders as at 7:00pm (Sydney time) on 24 May 2011 (the Record Date). Contemporaneously with the Entitlement Offer, Drillsearch announced:
 
- an institutional placement of up to 29,411,765 fully paid ordinary shares in Drillsearch to raise approximately $15.0 million (Unconditional Placement);
 
- an institutional placement of up to 31,372,549 fully paid ordinary shares in Drillsearch to raise approximately $16.0 million, which is subject to shareholder approval on or about 17 June 2011 (Conditional Placement).
 
In respect of the Conditional Placement, Drillsearch gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) that:
 
1. Drillsearch has today issued 31,372,549 fully paid ordinary shares (Shares) under a placement without disclosure to investors under Part 6D.2 of the  Corporations Act.
 
2. As at the date of this notice;

- Drillsearch has complied with the provisions of Chapter 2M of the Corporations Act as they apply to Drillsearch;

- Drillsearch has complied with section 674 of the Corporations Act; and

- there is no "excluded information" within the meaning of sections 708A(7)  and 708A(8) of the Corporations Act which is required to be disclosed by Drillsearch under section 708A(6)(e) of the Corporations Act.

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