Diversified Gas & Oil PLC Trading update (9035U)
October 30 2017 - 2:00AM
UK Regulatory
TIDMDGOC
RNS Number : 9035U
Diversified Gas & Oil PLC
30 October 2017
30 October 2017
DIVERSIFIED GAS & OIL PLC
("DGO" or the "Company")
Trading update
Diversified Gas & Oil PLC (AIM: DGOC), an Appalachian Basin
focused producer of gas and oil, is pleased to provide the
following production and trading update.
The acquisition of assets from Titan Energy ("Titan") announced
in June is now wholly completed with the closing of the remaining
assets on 29 September 2017. The Company has largely concluded the
initial integration of the Titan assets into its operations, and
continues its efforts to optimize the asset performance while
reducing costs. The Company now operates approximately 17,000
wells.
The Company continues to improve operating efficiencies, driving
costs lower and increasing gross margins. Since completing the
Titan acquisition, operating costs have been reduced 8% from
$7.73/Boe reported for the first six months of 2017 to $7.14/Boe in
September 2017. In turn, Adjusted EBITDA margins have improved from
35% for the first six months of 2017 to 44% in September 2017.
Overall trading remains in line with current market forecasts
and the Board anticipates that it will provide a further market
update at the year end.
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
Diversified Gas & Oil PLC
Rusty Hutson Jr., Chief Executive
Officer
Brad Gray, Finance Director and
Chief Operating Officer
Eric Williams, Chief Financial
Officer + 1 (205) 408
www.diversifiedgasandoil.com 0909
Smith & Williamson Corporate
Finance Limited
(Nominated Adviser & Joint Broker)
Russell Cook
Katy Birkin +44 20 7131 4000
Mirabaud Securities LLP (Joint
Broker)
Peter Krens
Edward Haig-Thomas +44 20 3167 7221
Buchanan (Financial Public Relations)
Ben Romney
Chris Judd
Henry Wilson +44 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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