Beach Energy, Drillsearch Energy agree to merge
Pace of deals in oil & gas sector picks up as ready buyers eye assets
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Melbourne
AUSTRALIAN oil and gas producers Beach Energy and Drillsearch Energy Ltd agreed to a billion dollar merger on Friday, the day after Santos rejected a US$5 billion offer, signalling that the industry's fortunes may be bottoming.
The pace of deals in the sector has picked up as a slump in oil prices since June last year has battered share prices to such weak levels that companies and assets are proving irresistible to buyers with sufficient funds.
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