Why the wait, page-2

"Street Talk revealed Beach had drafted in Macquarie Capital and Flagstaff, while Drillsearch had UBS and Goldman Sachs in its corner, ahead of likely consolidation in the Cooper Basin."

So what does UBS do.......Release this...Typical.

Drillsearch Energy a Buy Despite Risks to Production, Says UBS — Market Talk

August 27, 2015
By Bloomberg
19:52 EDT [Dow Jones] UBS upgrades Drillsearch Energy (DLS.AU) to buy from neutral, despite concerns that its FY16 production target may be at risk. The broker says Drillsearch’s output goal of 2.8 million-3.2 million barrels of oil equivalent requires joint-venture partner Santos committing to the connection of several natural gas fields in central Australia’s Cooper Basin. “Does Santos still have the desire to accelerate this program, given its current balance sheet issues?” asks analyst Nik Burns.

Like many oil and gas companies, Drillsearch’s shares have been dragged down by crude-futures tumbling close to US$40 a barrel.
UBS thinks the stock fall is excessive, not least because Drillsearch has hedged some of its future oil production.
Also, Drillsearch remains a logical takeover target for Beach Energy (BPT.AU), Burns says.

UBS lowers its price target by 25% to A$0.90/share. DLS last traded at A$0.68. ([email protected]; @dwinningWSJ)