ACN - Acer Energy

Acer Energy urges shareholders to hold on Drillsearch Energy offer
Monday, October 15, 2012 by Bevis Yeo Acer Energy (ASX: ACN) continues to urge shareholders to take no action regarding Drillsearch Energy’s (ASX: DLS) A$118.4 million all cash takeover offer.

The company said it is reviewing the offer and that it will respond with its recommendation once the Offer document is despatched to Acer’s shareholders.

Acer also noted the recent substantial shareholder’s notice lodged by Senex Energy (ASX: SXY) advising that it had acquired a 6.42% stake in Acer.

Senex is a joint venture partner with Acer in two Cooper Basin tenements.

Drillsearch’s offer, which is fully funded by its existing cash reserves and a A$100 million 15-month debt facility from Commonwealth Bank, has already received the support of Acer’s largest shareholder Republic Investment Management.

Republic had previously sold 19.9% of Acer to Drillsearch and plans to accept the offer for its remaining 18.82% holding in the absence of a superior offer.

The acquisition is targeted at consolidating Drillsearch’s position in the western Cooper Basin and will give it the largest discovered unconventional gas resource outside of the Cooper Basin Joint Venture partners.

Post-consolidation, Drillsearch will have a combined Proved and Probable Reserves as well as best estimate Contingent Resource of 38.7 million barrels of oil equivalent.



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http://www.proactiveinvestors.com.a...o-hold-on-drillsearch-energy-offer-34508.html

Senex have increased their holding to 7.5% This follows DLS making their offer formal at 0.25c.

www.acerenergy.com.au/

Acer Energy (ASX: ACN) holds a balance of exploration and producing assets in the Cooper, Bass and Darling basins, Australia.


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Acer Energy increases Flax reserves by 280% to 88.5MM barrels of oil equivalent
Monday, October 22, 2012 by Bevis Yeo
Acer Energy increases Flax reserves by 280% to 88.5MM barrels of oil equivalent

Acer Energy (ASX: ACN) has recorded a 280% increase in the in-place resources at its wholly-owned Flax oil and gas field in the Cooper Basin to 88.5 million barrels of oil equivalent (MMboe).

This was due to mapping of recently acquired 3D seismic, which delineated the Flax field as a much broader structure covering an area of 12.25 square kilometres, as well as including the upper and mid Patchawarra formation reservoirs.

The resource upgrade, which follows completion of the 12 month technical review of the company’s GMI Ridge assets, was audited and supported by independent petroleum consultant RISC.

Acer’s current Flax workover campaign and pending drilling program of up to six wells is focused on converting the increase resources into production using the existing 1,000 barrel per day faciltiies at the field.

Flax workover and drilling

The company is using the Savanna Energy Services Rig 66 to recomplete a well and carry out hydraulic fracture stimulation and production testing of the previously untested Patchawarra formation pay intervals and a previously fracture stimulated pay interval.

This will determine the effectiveness of the larger modern designed hydraulic fracture stimulations in both the Patchawrra and the previously stimulated pay intervals and test the hydrocarbon composition and productivity of the Patchawarra.

Acer will also install artificial lift in a selected well to test its impact on well productivity.

The results of this workover will be a key factor in the well completion design for the new appraisal and exploration drilling campaign of between three to six wells that is scheduled to start in October 2012.

This is targeted at appraising the potential large southern extension of the Flax field which has been mapped following interpretation of the new 3D seismic.

The Flax oil field had produced 5,013 barrels of oil during the quarter ended 30 June 2012.

Takeover target

Acer is also the subject of a takeover bid by Drillsearch Energy (ASX: DLS), which is dangling an all cash A$0.255 per share offer before Acer’s shareholders.

Drillsearch is targeting a consolidation of its western Cooper Basin position and the large discovered unconventional resource there.

Interestingly, Senex Energy (ASX: SXY) – Acer’s partner in PEL 100 and PEL 182 – has also acquired a 6.42% stake in Acer, raising the possibility of a bidding war.



Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

DLS has now obtained over 50% of ACN while ACN can continue the fact that SXY sold their holding to DLS means that their is no significant holder to block compulsory acquisition should/when DLS hits 90% I accordingly have sold acn on a about a 60 % profit and put the bulk into DLS The ACN fields being the primary reason.
I believe a number of people who bought into ACN after the announcement of the Takeover may have been burnt
This is one case where long term buying and averaging down has won over short term startegies

pacestick said:

DLS has now obtained over 50% of ACN while ACN can continue the fact that SXY sold their holding to DLS means that their is no significant holder to block compulsory acquisition should/when DLS hits 90% I accordingly have sold acn on a about a 60 % profit and put the bulk into DLS The ACN fields being the primary reason.
I believe a number of people who bought into ACN after the announcement of the Takeover may have been burnt
This is one case where long term buying and averaging down has won over short term startegies

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SO your saying this is not going anywhere now? I see they are going for more control now. Im not sure what it all means.