Diversified Gas & Oil PLC (LON:DGOC) shares have been promoted onto the Main Market of the London Stock Exchange effective from the start of trading this Monday at 8:00am.
In a statement, DGOC's chief executive Rusty Hutson described the market promotion from AIM as “a significant milestone” showing the company’s growth over the past three years. Importantly it reflects our commitment to the strong governance, reporting and operating standards required by a Premium listing."
READ: Cenkos repeats ‘buy’ for DGOC amid complimentary deals
Hutson added: “Tangentially to our strategy of focus on long-term value-creating growth, we have become the largest independent producer by volume listed in London, and our robust business model and healthy balance sheet ensures that we are well-positioned to capitalise on compelling opportunities that the current market will present.
“We look forward to building upon our strong track record of value creation and shareholder returns on the Main Market."
It comes as DGOC continues to strengthen and grow despite the challenging economic environment.
Earlier this month, the company unveiled its latest acquisition, with a US$125mln deal adding to April’s US$110mln deal.
These deals are supported by a fresh US$85mln equity fundraise which took place earlier this month, priced at a notably small discount at the time - just 1.6%. The remainder of the funding is covered by long-term loan notes.
The group is selling some 64.28mln new shares priced at 108p each.