International law firm Watson Farley & Williams (“WFW”) has advised Diversified Gas & Oil PLC (“DGO”) in connection with its US$84.2m reverse takeover of certain oil and gas assets of Titan Energy, LLC. This transaction was funded through a new US$110m loan facility and a share placing on AIM to raise US$35m.
Headquartered in Birmingham, Alabama, DGO has grown dramatically in recent years, acquiring conventional low-risk oil and gas assets in the Appalachian Basin in the north-east of the US from larger production and exploration companies that are increasingly focusing on shale production.
The WFW London corporate team advising DGO was led by Martin Thomas, assisted by Senior Associate Danny Heathwood, Associate Andrea Bhamber and Trainee Clementine Freeth.
Martin commented: “I am pleased that we have once again been able to assist DGO on a deal which increases its gas production by over 170% and its oil production by over 60%, making DGO one of the leading operators in the Appalachian Basin. This transaction cements WFW’s growing reputation as a leading legal adviser for the oil & gas sector”.
DGO CEO Rusty Hutson said: “Martin and his team at WFW were naturally our first choice to advise us on this transformational deal, given how proactive and supportive they were on our AIM IPO in Q1 2017 and our earlier public bond issue in London. I look forward to working with them again as DGO continues its US expansion”.
In February 2017, Martin advised DGO on its admission to trading on AIM, which represented the largest AIM oil & gas flotation in London since oil prices started to fall in mid-2014, as well as on its NEX bond issuance in 2015.