Drillsearch Energy Limited Announces AUD 40 Million Capital Raising

Drillsearch Energy Limited announced an equity capital raising of approximately AUD 40 million. It comprises of fully underwritten placement to qualified sophisticated and institutional investors of 39.2 million fully paid ordinary shares (New Shares) at an offer price of AUD 1.02 per New Share (Placement Price) to raise AUD 40 million (Placement). Funds raised under the Placement will be used to: accelerate Western Flank Oil production from existing oil discoveries through construction of crude oil export pipelines and central production facilities and drilling additional development wells; expand the Wet Gas Pilot Project with the connection of Canunda Gas Field and installation of Middleton Gas Plant compression and testing and development of new wet gas discoveries; and to commence Wet Gas appraisal and development program for existing undeveloped Wet Gas discoveries with the aim of installing a second Wet Gas Production Pilot Plant.