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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Diversified Gas & Oil PLC    DGOC   GB00BYX7JT74

DIVERSIFIED GAS & OIL PLC (DGOC)
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Diversified Gas & Oil : to buy U.S. oil, gas assets for about $575 million

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06/14/2018 | 12:58pm CEST

(Reuters) - Diversified Gas & Oil Plc said on Thursday it planned to buy oil and gas producing assets in the Appalachian Basin for about $575 million, as it bets on the U.S. shale gas boom.

The company did not disclose the identity of the seller, but said the deal would be a reverse takeover.

The assets, which include about 11,350 wells with current net total gas production of 32,100 barrels of oil equivalent (boe) per day, would more than double its net daily production, the company said.

London-listed Diversified Gas, which has a market value of about $300 million (223.3 million pounds), said it would fund the deal through a new $1 billion (744.3 million pounds) debt facility and a share sale worth $225 million (167.5 million pounds).

The company said the deal is expected to immediately add to earnings and that it would more than double its proven developed producing reserves to 393 mmboe.

(Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta)

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Average target price 0,90  GBP
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Managers
NameTitle
Robert Russell Hutson Chief Executive Officer & Director
Robert Marshall Post Non-Executive Chairman
Bradley Grafton Gray COO, Finance Director & Director
Eric M. Williams Chief Financial Officer
Martin Keith Thomas Independent Non-Executive Director
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