Motivating the take-over is the prospect of consolidating...

Motivating the take-over is the prospect of consolidating Drillsearch’s dominant position in the Northern Cooper wet gas area through combining Ambassador’s 47.5% non-operated interest in PEL 570 with Drillsearch’s 80% owned and operated interest in the adjacent PEL 101.

Upon first entering the area through an acquisition of Acer Energy, Drillsearch conducted a 413sq.km 3D seismic survey over PEL 101, PEL182 and PEL 570.

The company considers the broader Northern Cooper wet gas project area is analogous to the Greater Tindilpie complex in the southern Patchawarra Trough, which is being developed by a Santos-operated joint venture.

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