A US based oil and gas producer is set to become one of the largest listed on the AIM following the completion of an $84.2million acquisition.
Appalachian focussed Diversified Gas & Oil PLC, (AIM: DGOC) announced back in June the proposed acquisition of certain gas and oil assets from Titan Energy LLC.
The acquisition was approved by shareholders and completed on June 30.
However some of the assets were held within a public partnership structure to be transferred to the company following completion.
DGO announced today that the remaining Titan Assets have now transferred to the company and the final $11.4m consideration has been paid to Titan Energy, LLC.
The assets are spread across the states of Ohio, Pennsylvania, southern New York and northeast Tennessee.
The addition of the wells across DGO’s portfolio has been hailed as “transformational” for the firm
DGO’s gross production is now circa 18,300 boepd (11,000 boepd net), making it one of the largest producers on AIM.