Seven Group Holdings (ASX:SVW)
has increased its interest in Cooper Basin focussed oil and gas producer’s Beach Energy Limited (ASX:BPT)
and Drillsearch Energy (ASX:DLS)
The Kerry Stokes controlled investment company lodged the change in substantial holding statement after the market closed yesterday.
Seven Group Holdings now holds a 19.9 per cent interest in both Beach Energy and Drillsearch Energy, fuelling speculation of further M&A activity between the two energy groups.
The latest investments come just over one month after Ryan Stokes was appointed Managing Director and CEO of Seven Group, replacing Don Voelte who will retire at the end of August.
Seven Group Holdings reported a net profit of $69.18 million in the first half of the 2015 financial year.