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.