Acer Energy Limited

Asian Activities Report for October 10, 2011 includes: Carabella Resources Limited (ASX:CLR) announced the appointment of experienced coal industry executive Anthony Quin as Managing Director; Tasman Resources Limited (ASX:TAS) has signed a conditional agreement with Rio Tinto Limited (ASX:RIO) for the funding of an accelerated exploration program on Tasman's Vulcan prospect; Acer Energy Limited (ASX:ACN) has executed a conditional Sale and Purchase Agreement with Sundance Energy Australia Limited (ASX:SEA) to acquire all of Sundance's 23.33% working interest in Petroleum Exploration Licence 100; Starpharma Holdings Limited (ASX:SPL) has received agreement from the US Food and Drug Administration regarding the Phase 3 clinical trial program for the Company's VivaGel (R) bacterial vaginosis treatment.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) wishes to advise that the requisite majority of Innamincka Petroleum Limited (ASX:INP) shareholders voting in favour of the Scheme of Arrangement was not achieved at today's Scheme Meeting. We note that 96.86% of voting shareholders supported the Scheme, with a small number of key shareholders voting against the Merger.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) and Innamincka Petroleum Limited (ASX:INP) (PINK:IMKPF) are pleased to announce that they have unanimously agreed to merge by way of Scheme of Arrangement (Scheme) and create the Cooper Basin's leading mid-tier oil and gas company.

Wall Street closed mixed overnight as investors took profits after a massive gain in previous session. US shares mostly fell earlier in the day, but rebounded towards the close. Analysts said that market sentiment remained bullish.

Drillsearch Energy Ltd (ASX:DLS)(PINK:DRLLF) Chairman Jim McKerlie announced the appointment today of two non-executive directors, Ross Wecker and Fiona Robertson, to the Drillsearch Board. These appointments are the result of a board renewal process committed to earlier in the year. The process involved an analysis of the skills required by the board followed by a wide-ranging candidate search.

Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.

Yesterday the Australian share market closed higher with gains across all sectors, except for healthcare. The market remained quiet with low trading volume and less news out. The S&P/ASX200 index rose 55.7 points, or 1.5%, to 3742.7, a near two-month closing high, while the broader All Ordinaries index gained 50.3 points, or 1.4%, to 3689.2.