Diversified Energy Company PLC (LON/NYSE: DEC) has announced the closing of its acquisition of the of high-working interest, operated natural gas properties and related facilities located within eastern Texas (the “Assets”) from Crescent Pass Energy).
Acquisition Highlights
• Purchase price of $106 million before customary purchase price adjustments
• Acquisition net purchase price of $101 million after customary purchase price adjustments
PDP reserves of ~170 Bcfe (~28 MMBoe) and a PDP PV10 of ~$155 million(a)
Current net production of 38 MMcfepd (~6 Mboepd)(b)
• Estimated NTM Adjusted EBITDA of ~$26 million(c)
• Purchase price multiple of ~3.8x(c)
As previously announced, the net consideration for the Acquisition consists of a combination of the issuance of 2,249,650 new US-dollar denominated ordinary shares to the Seller (the “New Shares”) (subject to a customary commercial lock-up agreement), and cash consideration of $71 million, drawing from a senior secured bank facility supported by the acquired assets and existing liquidity. The New shares represents approximately 4.77% of the Company’s existing issued share capital.
