The Court orders follow court-convened meetings of Voyager shareholders and listed optionholders held on September 2 who overwhelmingly voted in favour of the merger. The Court orders will take effect following lodgment of the orders with the ASIC, which has taken place today.

Following lodgment of the orders with ASIC, the orders will be lodged with ASX and an application made to suspend trading in Voyager shares and listed options. This suspension is took effect at close of trade today..

Deferred settlement trading of Arc shares to be issued to Voyager shareholder will begin tomorrow, Tuesday September 13, and the date for determination of Voyager shareholder entitlement to Arc shares will be Monday September 19.

The allotment of Arc shares to Voyager shareholders will then occur on Thursday September 22, and despatch of holding statements for Arc shares to Voyager Shareholders will take palce the following day.

Normal ASX trading of Arc shares issued to Voyager shareholders should then begin on Monday September 26.

A separate application to de-list Voyager will be made as part of the completion of the merger. It is intended that Voyager will be de-listed as soon as is practicable following suspension of trading in Voyager shares and listed options.

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

The merger would also create a strengthened and highly strategic position in the onshore annd offshore Perth Basin, with participation in an aggressive drilling program and enhanced exploration and production.

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.

Voyager security holders would be exposed to Arc's producing Perth Basin Hovea and Eremia oil fields, established gas business and a more influential position in the Jingemia oil field, the directors said.

Arc shareholders would be exposed to the strategic offshore Cliff Head development and Voyager's offshore drilling program.

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.