resignations

Drillsearch chair Peter Simpson resigns

June 10, 2009 01:00pm

BEACH Petroleum target Drillsearch Energy's executive chairman Peter Simpson and director Russell Langusch have resigned, while its hostile bid for 3D Oil has failed.

The hostile bid for 3D Oil "failed to satisfy its 50 per cent minimum acceptance condition and its offer has lapsed'', 3D Oil announced to the stock exchange on Wednesday.

3D Oil Chairman Campbell Horsfall said he was pleased "the overwhelming majority of shareholders'' supported the board's unanimous recommendation to reject the offer.

The resignations today come after an application for an injunction to restrain today's shareholder meeting to vote on the removal of Mr Simpson, Mr Langusch and another non-executive director Peter Wicks was permanently stayed by the NSW Supreme Court.

Meanwhile, the Takeovers Panel has decided not to conduct any proceedings against Drillsearch following an application made by Beach Petroleum, claiming concerns about messages given to Drillsearch shareholders.