Drillsearch Energy Limited announces that at 5:00 pm (Sydney time) on 11 June 2014, it completed the acquisition of a total of 28,259,238 fully paid ordinary shares in Ambassador Oil and Gas Limited (ASX: AQO) (Ambassador) (representing 19.9% of the total issued share capital of Ambassador) pursuant to the terms of share purchase deeds dated 28 May 2014 between Drillsearch and a number of Ambassador shareholders (Share Purchase Deeds).

Under the Share Purchase Deeds, Drillsearch agreed to issue Ambassador shareholders 1 fully paid ordinary share in Drillsearch for every 5.4 fully paid ordinary shares in Ambassador (or a total of 5,233,177 fully paid ordinary shares in Drillsearch).

Tags: Drillsearch Energy