3rd Apr 2018 12:04
The sale of certain oil & gas leaseholds, wells, working interests, licences, related equipment and other assets will be with effect from January 1, 2018, and will total
With the acquisition, including assets purchased earlier this month from Alliance Petroleum, Diversified Gas & Oil estimates its total net working interest production now exceeds 28,000 barrels of oil equivalent per day, and its net working interest of proved, developed and producing reserves approximate 173 million barrels of oil equivalents per day.
Importantly, the company said, its borrowing base under the credit facility led by KeyBank National Association increases to
Seperately, Diversified Gas & Oil said on Tuesday it will declare a final dividend for 2017 of
CEO Rusty Hutson said: "While 2017 was undoubtedly a remarkable year for DGO, the month of March 2018 has produced the most transformative catalysts to our business since admission to AIM. Over the past 30 days, we have nearly tripled our net daily production, more than tripled our PDP reserves and halved our cost of borrowing."
"Collectively, our two latest acquisitions combined with our syndicated credit facility create long-term value for shareholders and fulfil our commitment to a progressive per-share dividend. Importantly, our progress in 2018 and significant borrowing capacity under our credit facility places us in a position of financial strength to continue our pursuit of high-quality growth opportunities while maintaining our commitment to low leverage."
Shares in Diversified Gas & Oil were up 1.2% Tuesday at
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