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Diversified Gas & Oil completes EdgeMarc Energy asset acquisition

The deal adds twelve producing wells plus a number of untapped wells and other undeveloped acreage.

Diversified Gas & Oil PLC - Diversified Gas & Oil completes EdgeMarc Energy asset acquisition
The assets yield about 46mln cubic feet of gas equivalent per day

Diversified Gas & Oil PLC (LON:DGOC) has confirmed the completion of its acquisition of assets from EdgeMarc Energy Holdings, including twelve Utica gas wells and related facilities.

The acquisitive London-listed firm noted in a statement that the transaction cost of around US$48mln in cash was funded from existing debt facilities.

READ: DGOC agrees acquisition of EdgeMarc Energy Holdings

"We are pleased to close this acquisition just three weeks after a successful bid. We now turn our attention to fully integrating these accretive assets and to determining the optimal way to realise additional value for the acquired DUCs and undrilled locations,” said chief executive Rusty Hutson, DGOC chief executive.

The company also paid US$1.6mln for EdgeMarc's natural gas financial hedge portfolio.   

Quick facts: Diversified Gas & Oil PLC

Price: 96.968 GBX

AIM:DGOC
Market: AIM
Market Cap: £639.59 m
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Full interview: Diversified Gas & Oil boosts production by 10% in third quarter

Diversified Gas & Oil PLC (LON:DGOC) CEO Rusty Hutson tells Proactive New York that the company has flagged up third-quarter production growth of 10%, at 91,100 barrels oil equivalent per day (boepd) compared to its 2Q. Hutson says growth is being driven by its current hedge program,...

on 14/11/19

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