Ambassador Oil & Gas Limited (Ambassador) is an Australia-based company. Ambassador has assembled a balanced portfolio of prospective exploration targets in the South Australian sector of the Cooper/Eromanga Basin. Ambassador's wholly owned subsidiary is Ambassador Exploration. Ambassador Exploration holds all of the Licence Interests. The Company's oil and gas projects comprise the following interests in PELs located in the Cooper and Eromanga Basins of South Australia, a 100% interest in PEL 570, which was awarded to Ambassador Exploration as part of the Cooper Basin acreage release. PEL 570 is made up of five parts totaling almost 2,400 square kilometers; the most southern part is located approximately 75 kilometers north of the Moomba gas processing facility in the northeast of South Australia. On October 7, 2011, Ambassador acquired 100% of Ambassador Exploration. In May 2014, Drillsearch Energy Ltd acquired a relevant interest of 19.9% in Ambassador.