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YA Global extends AUD15m equity line of credit to Drillsearch Energy

Drillsearch Energy, an Australian Stock Exchange listed mid-tier oil and gas exploration and production company, has entered into a AUD15m equity line of credit agreement with YA Global Master SPV, a fund managed by Yorkville Advisors. 

The transaction represents the third equity line of credit facility provided by YA Global to ASX listed oil and gas companies in the last six months.
 
Drillsearch plans to use the facility to supplement its other capital raising endeavours for exploration, development and working capital purposes.
 
Brad Lingo, chief executive officer of Drillsearch Energy, says: “Drillsearch is extremely pleased to have worked with Yorkville to have established this facility. We do not have any plans to utilise the facility in the near term but it does provide the company with a high degree of funding flexibility on very competitive terms.”
 
“Drillsearch is an outstanding investment opportunity for us,” says Philip Ho, senior managing director and head of global capital markets at Yorkville. “In our view, the E&P sector shows enormous potential, and Drillsearch is well positioned as a leading independent explorer in the Cooper Basin area. We are eager to assist Drillsearch in meeting its ongoing financing needs and we look forward to a long-term relationship with the company.”
 
The Drillsearch transaction follows Yorkville’s AUD50m equity line of credit facility to ASX listed Nexus Energy in June, and its AUD25m facility to ASX listed New Guinea Energy in July.

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