(Alliance News) - Diversified Gas & Oil PLC plans to move to the London Main Market, it said on Thursday, and will be looking for a 'Big Four' auditor.
Following a "robust" evaluation, DGO is looking to move to the London Stock Exchange's Main Market from AIM following its annual results due out in the first quarter of 2020.
Alongside the stock exchange shift, DGO will look for a 'Big Four' auditor, meaning one of KPMG, Ernst & Young, Deloitte, and PricewaterhouseCoopers. Crowe UK LLP will continue to serve as auditor until annual results are released.
DGO Chief Executive Rusty Hutson said: "I am excited to announce we are officially progressing plans to pursue a move to the Main Market of the London Stock Exchange.
"Our proposed move to the Main Market reflects the significant, successful growth of DGO since our February 2017 AIM IPO, and further demonstrates our board's ambitions and commitment to continued enhancement of the company's governance structure for the benefit of all our stakeholders."
DGO expects its EdgeMarc Energy Holdings acquisition to complete next week, and the purchase of some gas gathering systems in the US is going as planned. DGO is paying USD59.5 million combined for the acquisitions.
Hutson added: "We also continue progressing towards closing later this month several previously announced margin-enhancing acquisitions. With these additional debt-funded acquisitions in hand, we return our focus to de-levering the balance sheet to ensure we maintain strong liquidity."
DGO shares were 0.8% higher on Thursday shortly before midday in London at 112.90 pence each.
