3rd Dec 2018 12:44
LONDON (Alliance News) - Diversified Gas & Oil PLC on Monday said it expects 2018 results to be materially ahead of current market expectations, thanks to its newly acquired Core Appalachia operations.
In October, Diversified Gas & Oil bought natural gas producer Core Appalachia for USD183 million.
The stock was trading 9.9% higher on Monday at 116.50 pence a share.
The US-based gas & oil producer said it produced 10.7 million of barrels of oil equivalent in the ten months to the end of October. Average daily production was 35,000 barrels of oil equivalent.
Revenue in the ten-month period totalled USD191.9 million, with a realized price of USD17.97 per barrel of oil equivalent.
"As evidenced by our financial performance for the month of October, we have a highly profitable business underpinned by a healthy financial position," said Chief Executive Rusty Hutson.
"The dynamics for natural gas pricing in our region are positive and we are benefiting from a material rise in local pricing," added Huston.
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