With trading starting yesterday, the company has issued a total of 26,606 new ordinary shares to Voyager shareholders in consideration of the merger.

Arc also advised that it lodged an application with the ASX to remove Voyager from the official list, which is expected to occur this week before September 30.

“The completion of the Voyager merger is another milestone in Arc’s continuing development of its Perth Basin oil and gas production and exploration business,” said Arc Energy managing director, Eric Streitberg.

“The incorporation of Voyager’s interest in the Jingemia and Cliff Head oil field enhances Arc’s oil production, strengthening the company’s underlying cash flow and asset base.”

Voyager and Arc have said the merger will enable the companies to realise value by combining two highly complementary portfolios.

The news follows the Supreme Court of Western Australia’s approval of the merger earlier this month.

The merged organisation would have ownership of or access to all key infrastructure in the Perth Basin, including major pipelines and plants, allowing timely and cost-effective monetisation of new discoveries, the companies said.

Questions remain over where Voyager's Yemen assets fit in the Perth Basin-focused business plan.

It seems likely that these blocks will be vested in Adelphi Energy, Arc's 'little brother company', which was set up to tackle medium-to-high risk/reward prospects outside the Perth Basin.

Adelphi and Voyager recently teamed up with Oil Search to move into two Yemeni blocks.