Oil and gas explorer Drillsearch Energy Ltd (ASX: DLS) announced on Tuesday that it has raised its stakes on four wet gas finds in Cooper Basin at South Australia, revealing at the same time that company shares would enter trading halt on the same day.

The company said that an agreement was struck with Bandanna Energy Ltd that would allow Drillsearch to takeover Bandanna's interests in Udacha, Paprika, Smegsy and Rossco wet gas discoveries in exchange for some $1.3 million worth of Drillsearch stocks.

As a result of the deal, Drillsearch is now full owner of Paprika,, Rossco and Smegsy while it upgraded its control of Udacha from the previous 62.5 percent to 75 percent though the company added that the Udacha wet gas discovery is momentarily on hold until its development is started by the company with joint partner Beach Energy Ltd.

The company added that three other gas finds were on their way towards commercial development.

Drillsearch managing director Brad Lingo said that the company's expansion moves were leaning towards its "gaining control over key acreage in the Western Cooper Gas and Liquids Project and highlights our belief that the Cooper Basin remains a premier onshore basin which by world standards is under explored."