"With the waiting period now expired under this U.S. legislation, we look forward to the voting results from the two meetings of securityholders on 4 April and the satisfaction of the other pre-merger conditions," said the president of PanCanadian, Mr Michael Grandin.

The AEC and PanCanadian boards of directors have unanimously approved the proposed merger and recommended to their respective shareholders they vote in favour of the transaction. The new entity will be called EnCana Corporation.

Both companies have extensive exploration interests in Australia, predominantly in the Timor Sea, offshore WA as well as the Gippsland Basin in Victoria.