Beach Energy has appointed Matthew Kay as its new chief executive. Kay will take up the role on May 2, more than two months earlier than originally planned.
Drillsearch Energy said the Federal Court of Australia has approved the company’s $277million merger with Beach Energy.
The majority of Drillseach shareholders threw their support behind a merger with rival Beach Energy.
Shareholders of Drillsearch Energy Ltd. look set to approve a A$384million ($266million) takeover of the Cooper Basin oil and gas producer in Australia by Beach Energy Ltd. later this month, the Australian Financial Review reported.
Beach Energy has agreed to buy Drillsearch creating an $842.7million energy company in Australia. The move comes amid a decline in oil prices and will create what could be the region’s biggest onshore oil producer and natural-gas supplier. Drillsearch has been valued at about $384million in the deal which its chairman says will help provide growth in the challenging market.