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Oil firm IPO in dividend pledge
Oil company Diversified Oil & Gas is looking to raise £48m through an AIM IPO to support its production-led buy-and-build strategy in the US Appalachian basin. The company says it plans to pay a dividend by 30 June 2017 after joining the junior market this December. Efficient management of its oil and gas fields is allowing it to generate significant cash even at lower commodity prices. (TS)