Seven Group Holdings has further increased its stakes in both...

Seven Group Holdings has further increased its stakes in both Beach Energy and smaller player Drillsearch Energy, reviving expectations that it is plotting a consolidation of oil and gas interests in the Cooper Basin.

Seven lifted its holding in Beach, in which it is already the largest shareholder, to 16.24 per cent from 13.79 per cent, according to a regulatory filing released late Thursday.

In Drillsearch, Seven's stake has increased to 18.86 per cent from 16.69 per cent, according to a separate filing as recently as two weeks ago. Seven, currently led by former Woodside Petroleum chief executive Don Voelte, more than doubled its holding in Drillsearch from 8.01 per cent.

Seven is also thought to hold a small stake in another Cooper Basin player, Senex Energy, although that has not been confirmed.


Seven Group has been ramping up its interests in oil and gas, initially wresting control of cash-strapped Nexus Energy after a fraught and protracted takeover battle last year that eventually left shareholders with nothing for their equity. It has also acquired interests in oil and gas in the US, and is known to have a number of holdings in listed oil and gas companies, held through a listed investment portfolio.

Seven has previously signalled that it has no takeover ambitions on the companies where it holds stakes in its investment portfolio. It is not regarded as having the financial wherewithal to take over Beach.

However, its rapid build-up of stakes in the Cooper Basin players is expected to raise fresh speculation about its intentions, and whether it may be planning to work in concert with private equity interests to further its ambitions. Seven was first revealed to have a stake in Beach in January.