Drillsearch Energy Limited
(ASX:DLS) has announced it has acquired more than 90 per cent of petroleum explorer Acer Energy Limited
(ASX:INP) and advised its offer of 28.5 cents per share will close this evening.
The oil and gas developer says it will commence the compulsory acquisition process for all outstanding shares.
Drillsearch sweetened its bid for Acer from 25 cents a share to 28.5 cents per share last month, valuing the target at $132 million.
The acquisition is geared towards consolidating its position in the western Cooper Basin.
Drillsearch generated a net profit of $10 million in the 2012 financial year.
