Beach Energy Limited
(ASX:BPT) has advised that all conditions relating to the merger of Beach and Drillsearch Energy have been satisfied.
Oil and gas producer Drillsearch is now a wholly owned subsidiary of Beach Energy.
Acting CEO Neil Gibbins said the merger provides Beach Energy an additional 19,000 km2 of gross acreage within the company’s Cooper Basin area.
Mr Gibbins said the company aims to have integration completed by 30 June 2016, initially targeting cost reductions and portfolio optimisation.
Beach Energy reported a net loss of $600.1 million at 31 December 2015.
