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Diversified Gas & Oil expects to complete CNX deal in March

It is one of two transformational acquisitions agreed last month alongside a US$180mln oversubscribed equity funding.
oil and gas operations
The CNX assets will deliver around 9,000 boepd of production

Diversified Gas & Oil plc (LON:DGOC) told investors that its proposed acquisition of producing gas and oil assets is now expected to be completed on March 30.

The company today confirmed that it entered into a conditional purchase agreement with CNX.

Last month, the company announced it was working on a deal to buy assets in the Appalachian region from CNX Gas Company LLC.

DGOC unveiled the potential acquisition alongside a separate deal, to acquire Alliance Petroleum for US$95mln – it sees the group picking up 13,000 wells, 49mln barrels of proven reserves and some 8,800 barrels oil equivalent production.

In the CNX deal, DGOC is paying US$85mln to acquire 11,000 producing wells mainly located in Pennsylvania and West Virginia. The deal delivers 69mln barrels of proven reserves and 9,000 boepd of production (mainly comprising gas).

At the same time, the company announced a US$180mln equity funding, via an oversubscribed placing.

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