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Regulatory Story
Company Diversified Gas & Oil PLC
TIDM DGOC
Headline Result of AGM and General Meeting
Released 13:34 17-Apr-2019
Number 5216W13

RNS Number : 5216W
Diversified Gas & Oil PLC
17 April 2019
 

17 April 2019

 

Diversified Gas & Oil PLC

("DGO" or the "Company")

 

Result of Annual General Meeting and General Meeting

 

Proposed Acquisition of certain gas assets from HG Energy II Appalachia, LLC

 

Admission of Placing Shares to trading on AIM

 

Diversified Gas & Oil PLC (AIM: DGOC), a US based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, is pleased to announce that all resolutions put to shareholders at both the Company's Annual General Meeting and General Meeting held earlier today were duly passed.

 

Result of Annual General Meeting

 

The total votes were cast as follows:

 

Resolution

For

%

Against

%

Withheld

1

321,865,868

89.00

39,795,858

11.00

48,705,837

2

410,367,563

100.00

-

-

-

3

410,367,563

100.00

-

-

-

4

251,334,048

70.69

    104,200,596

29.31

54,832,919

5

390,411,766

95.14

19,955,797

4.86

-

6

308,861,181

75.87

98,206,207

24.13

3,300,175

7

410,367,563

100.00

-

-

-

 

Note: A vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" shown.

 

Result of General Meeting

 

The total votes were cast as follows:

 

Resolution

For

%

Against

%

Withheld

1

377,952,119

99.80

750,000

0.20

-

2

377,949,119

99.80

751,700

0.20

1,000

 

The Acquisition

 

As detailed in the announcement dated 27 March 2019, DGO Corp, a wholly-owned subsidiary of the Company, has entered into a conditional sale and purchase agreement with HG Energy to acquire certain gas leaseholds, wells, working interests, licenses, related equipment and other assets. The net proceeds of the Placing, together with a drawdown from the Company's Existing KeyBank Facility, are intended to be applied towards the Acquisition for a total cash consideration of approximately $400 million.

 

The Company currently has 1P PDP Reserves of 474 MMboe and daily net production of approximately 70 Mboe. The Acquisition will increase proved developed producing reserves by approximately 92 MMboe to 566 MMboe. Following Completion, the Company will produce approximately 91 mboed (net), making the Company a material producer amongst its small-mid cap peer group and the largest gas and oil producer on AIM. 

 

Completion of the Acquisition is expected to occur tomorrow and a further announcement will be made as soon as possible. The Placing is not conditional upon completion of the Acquisition. 

 

Total Voting Rights

 

Following approval by Shareholders, the Placing Shares have been issued and allotted and dealings in the Placing Shares are expected to commence on AIM at 8.00 am on 18 April 2019 ("Admission").

 

Following Admission, the Company's issued share capital will comprise 694,169,088 Ordinary Shares. No Ordinary Shares are held in treasury. The figure of 694,169,088 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Unless otherwise stated, defined terms used in this announcement have the same meaning as set out in the Company's circular dated 28 March 2019 available on the Company's website at www.dgoc.com.

 

For further information contact:

 

Diversified Gas & Oil PLC

Rusty Hutson Jr., Chief Executive Officer

Brad Gray, Chief Operating Officer and Finance Director

Eric Williams, Chief Financial Officer

www.dgoc.com

 

+ 1 (205) 408 0909

 

 

+ 1 (205) 408 0909

 

Cenkos Securities plc

(Nominated Adviser)

Russell Cook

Katy Birkin

Ben Jeynes

 

+44 (0)20 7397 8900

 

 

+44 20 7131 4000

 

Mirabaud Securities Limited

(Joint Broker)

Peter Krens

Edward Haig-Thomas

 

+44 (0)20 3167 7221

 

 

+44 20 3167 7222

 

Stifel Nicolaus Europe Limited

(Joint Broker)

Callum Stewart

Nicholas Rhodes

Ashton Clanfield

 

+44 (0)20 7710 7600

 

+44 20 7710 7600

 

Stifel Nicolaus & Company, Incorporated

(US Financial Adviser)

Sameer Parasnis

Chris Gibson

+1 (713) 237 4516

 

+44 20 7466 5000

 

Buchanan

(Financial Public Relations)

Ben Romney

Chris Judd

James Husband

dgo@buchanan.uk.com

 

 

+44 (0)20 7466 5000

 

 

 

 

 

 

 

 


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