Diversified Gas & Oil Plc has raised US$35m equity and US$110m loan facility to fund an acquisition
Diversified Gas & Oil Plc (DGO) has raised US$35 million equity and a US$110 million loan facility to fund the acquisition of certain oil and gas assets of Titan Energy, LLC. for US$84 million.
Diversified Gas & Oil owns and operates more than 18,000 producing wells in the Appalachian Basin in the northeastern region of the US. Founded in 2001, Diversified's gross production is approximately 18,300 boepd (11,000 boepd net), making it one of the largest producers on AIM. The company's innovative and disciplined investment strategy is focused on the acquisition of mature, low-decline and low-risk wells, enhancement of operations with a focus on efficiency, and maximization of profitability for shareholders.
Oaklins Smith & Williamson, based in the UK, acted as the Nominated Advisor (Nomad), Financial Advisor and Joint Broker in this transaction, and will remain as Nomad in DGO's continued listing on AIM.
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