DGOC - $575m Acquisition Largest in AIM History for O&G Company - $250m Placing at 97p Per Share

Posted by OilVoice Press - OilVoice


Following on from the announcement made two weeks ago, DGO have announced the signing of a non-binding letter of intent to acquire a network of further gas and oil producing assets in the Appalachian Basin (where the company already operates) for a total cash consideration of approximately $575 million.

DGO recently completed a dual acquisition of O&G packages in the Appalachian Basin, from Alliance Petroleum ($95m) and CNX Resources LLX ($85m), in March.

This recent acquisition is a continuance of their strategy to purchase producing, onshore conventional assets at compelling price points. They target high quality assets that add scale and provide synergies to the existing portfolio.

DGO started life on AIM in February 2017 producing c3,500 boepd. On completion, they shall produce in excess of 60,000 boepd.

Deal Highlights

  • DGO will become one of the top producers on the London Stock Exchange on completion of what will be the Company's largest acquisition to date , with net production rising to approximately 58,381 boepd
  • The $575 million acquisition will be the largest acquisition by an Oil & Gas company in the history of the AIM Market
  • The Acquisition will more than double production and increases PDP Reserves to 393 mmboe
  • The pro forma uplift in 2017 EBITDA is estimated to be approximately 225%  
  • The Acquisition will be immediately accretive to per share cashflow and earnings.

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DGOCShare PlacingAcqusitionAIMo&gAppalachian Basin

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