Diversified Gas & Oil wraps up $112m acquisition of EQT assets

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Oil and gas company Diversified Gas & Oil said it had completed the $112m purchase of certain upstream and related infrastructure assets from EQT Corporation after securing a loan from Munich Re Reserves Risk Financing.

The assets included 900 net operated wells, increasing the group's total production by 9,000 barrels oil equivalent (boe) and adding about 48m boe of proved developed producing (PDP) reserves.

DGO received a $160m senior secured term loan from Munich Re Reserves Risk Financing.

'We now turn our attention to seamlessly integrating the assets into our existing portfolio, eager to capitalise on the embedded upside from the 13 non-producing wells by restoring them to production and further leveraging the scale and geographic density of our operation to reduce costs while also improving production from the other wells,' the company said.

At 9:47am: (LON:DGOC) Diversified Gas Oil PLC share price was +3.1p at 108.3p