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Diversified Gas & Oil said it had extended its asset retirement agreement with the Commonwealth of Kentucky by an additional five years, through the period ending 31 December 2028.
Under the terms of the agreement, Diversified Gas & Oil committed to plug or return to production at least 50 gas and oil wells per annum for the duration of the agreement, of which the company would plug at least 20 wells each calendar year.
This comes after the company on 19 February secured a five-year definitive asset retirement agreement with Kentucky.
The company also agreed to post an additional $1m bond bringing its total for the benefit of Kentucky to $2.5m.
Diversified Gas & Oil currently owned approximately 7,500 operated wells in Kentucky.
At 9:10am: (LON:DGOC) Diversified Gas Oil Plc share price was 0p at 110p