leadf
logo-loader
viewDiversified Gas & Oil PLC

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: 106.6 GBX

LSE:DGOC
Market: LSE
Market Cap: £753.95 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Diversified Gas & Oil PLC named herein, including the promotion by the Company of Diversified Gas & Oil PLC in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Diversified Gas & Oil hikes dividend 7% and is 'well placed to capitalise on...

Diversified Gas & Oil PLC’s (LON:DGOC) Rusty Hutson tells Proactive that despite the recent volatility in commodity prices – the company is well positioned to capitalise on opportunities. The company produced 109,000 barrels oil equivalent per day (boepd) for the month of June, with the...

on 10/8/20

2 min read