Diversified Energy Company to cultivate new ‘region of focus’ as it aims to replicate Appalachia suc

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  • Diversified Energy raises a further US$225mln as it doubles up in new focus area
  • Diversified Gas & Oil’s Louisiana expansion is no surprise, says broker
  • Diversified Gas & Oil acquires Louisiana project as part of new focus area
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Quick facts: Diversified Energy Company PLC

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Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.

21 May 2021

() confirmed it has raised US$225mln in a placing and retail offer as it advances its latest acquisition.

It will issue 141.5mln new shares at 112p per share.

Proceeds will cover the cost of the newly announced Blackbeard acquisition which sees the company pick up another 820 wells producing 16,000 barrels oil equivalent per day (boepd) in its recently established Central regional focus area (RFA). The deal consideration is US$166mln.

Blackbeard is the second package of assets to be acquired for the Central area, following the Cotton Valley acquisition which closed this week. The first deal gave the company 16,000 boepd of production across 780 net operated wells.

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19 May 2021

() has completed its acquisition of the Cotton Valley upstream assets and infrastructure, establishing its new ‘central’ regional focus area.

It is paying US$135mln for the asset package in Louisiana which comprises gas production of 16,000 barrels oil equivalent per day (boepd), across 780 net operated wells, and hosts around 50mln barrels of proved-developed-producing (PDP) reserves.

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07 May 2021

Diversified Gas and Oil PLC () has enacted its name change and will now be called Diversified Energy Company PLC.

The company’s London listed shares will now trade under the ticker ‘DEC’.

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30 Apr 2021

‘s () acquisition of a package of assets in Louisiana should come as “no surprise”, according to analysts at broker SP Angel.

In a note on Friday, analysts said it was “a buyers’ market in the US” and the US$135mln acquisition of the Cotton Valley package, which includes some 16,000 barrels oil equivalent per day (boepd) of production across 780 net operated wells, “appears to be typically attractive” and presented “clear opportunities” for growth through operational synergies.

SP Angel added that investors “can look forward to a stable dividend policy” given the company’s “strong balance sheet, efficient cost structure, improved commodity price outlook, strong hedge protection and a robust outlook of potential accretive growth”.

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04 May 2021

() has acquired assets in Louisiana, marking its first deal in a newly identified regional focus area.

CEO Rusty Hutson tells Proactive London about the new focus as well as providing news on the trading update and dividend. Hutson explains that the ‘Cotton Valley’ package includes16,000 barrels oil equivalent per day (boepd) of production across 780 net operated wells and is host to around 50mln barrels of proved-developed-producing (PDP) reserves.

Now, the company believes that in the new RFA it can roll out its proven business model again.

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Diversified Gas & Oil acquires Louisiana project as part of new focus area

Diversified Gas & Oil PLC (LON:DGOC) has acquired assets in Louisiana, marking its first deal in a newly identified regional focus area.

CEO Rusty Hutson tells Proactive London about the new focus as well as providing news on the trading update and dividend. Hutson explains that the…

on 4/5/21

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