Press

Diversified Gas & Oil: Acquisition of 550 Wells in Central Ohio

Posted by OilVoice Press - OilVoice

01-Dec-2017


Diversified Gas & Oil PLC (AIM: DGOC), an Appalachian Basin focused producer of gas and oil, today announces the acquisition of 550 wells in Central Ohio from NGO Development Corporation, Inc. (the “Acquisition”).  The Acquisition purchase price is $3.1 million met in cash from the Company's existing resources. Net production of the acquired wells is approximately 1,300 mcfe/d or 220 boe/d. The Acquisition is immediately accretive to operating cash flows and is consistent with the Company's prior acquisition criteria.

Diversified will assume immediate control of operations of the wells, which are located in close proximity to existing operations.

Commenting on the acquisition, CEO Rusty Hutson Jr said:

“This bolt-on acquisition is in line with our growth strategy. It provides yet more scale to our operations in the prolific Appalachian Basin and further enhances our production and cash flows. The deal is attractively priced and in line with our acquisition criteria in terms of valuation metrics and geographic proximity to our existing operational footprint. Our ability to source and execute on deals of this kind is a key differentiator and we continue to opportunistically identify additional assets that complement and grow our existing portfolio and generate the consistent and low-risk cash flows that underpin our business model.”

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

AIMDiversified Gas & OilCentral OhioNGO Development CentreAcqusition

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 2 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 6 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 6 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 6 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 6 months agoPress > TotalDividend
All posts from oilvoice