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Press Release

Fieldfisher advises brokers on US$234 million raising for Diversified Gas & Oil plc

03/04/2019

Locations

United Kingdom

Firm acted for Mirabaud, Stifel and Cenkos on secondary placing for US-focused DGO, one of the largest transactions by an energy company on London's AIM market this year.

European law firm Fieldfisher has advised brokers Mirabaud Securities, Stifel Nicolaus Europe and Cenkos Securities on a secondary placing to raise US$234 million (£178.7 million) for AIM-listed, US-based energy company, Diversified Gas & Oil plc (DGO).

Mirabaud and Stifel acted as joint bookrunners on the placing while Cenkos acted as nominated adviser to DGO. All three were advised by Fieldfisher corporate partner, Anthony Brockbank.

The placing, which closed on 28 March, was the second largest transaction completed by DGO to date and was one of the biggest deals completed by an energy company on AIM this year.

DGO intends to use the proceeds of the placing to help fund its purchase of 107 gas wells in Pennsylvania and West Virginia for $400 million (£302 million).

In July last year, Fieldfisher advised the brokers on DGO's US$575 million (£438.8 million) acquisition of producing assets in the US Appalachian Basin, representing the largest ever acquisition by an oil and gas company on London's AIM market.

Commenting on the transaction, Fieldfisher corporate partner Anthony Brockbank, said:

"This was another hugely significant deal for DGO and for the wider AIM-listed energy sector.

"AIM-listed companies continue to defy Brexit-related uncertainty to pull off major deals and raise large sums to fund ambitious natural resources projects.

"We believe this is largely down to the quality and depth of the London market and the professional services to be found here.

"Fieldfisher is consistently ranked as a top tier adviser on AIM market transactions and we were delighted to help get this important deal over the line for our clients, Mirabaud, Stifel and Cenkos."

 

About Fieldfisher

Fieldfisher is a European law firm with market leading practices in many of the world's most dynamic sectors. We are an exciting, forward-thinking organisation with a particular focus on energy & natural resources, technology, finance & financial services, life sciences and media.

Fieldfisher's dedicated energy team advises companies, commodity trading houses, banks and investment funds on a wide range of matters. We have been active in the energy and natural resources sector for over 50 years and have a team more than 100 lawyers internationally.

The firm is also one of the leading legal advisers to companies listed on London's AIM market, many of which are in the natural resources sector.

Our network has more than 1,450 people working across 24 offices providing highly commercial advice based on an in-depth understanding of our clients' needs.

We operate across our offices in Amsterdam, Barcelona, Beijing, Belfast, Birmingham, Bologna, Brussels, Düsseldorf, Frankfurt, Guangzhou, Hamburg, London, Luxembourg, Madrid, Manchester, Milan, Munich, Paris, Rome, Shanghai, Turin, Venice and Silicon Valley.

Fieldfisher was named as a top 20 firm by the FT Innovative Lawyers Awards 2018.

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Areas of Expertise

Equity Capital Markets

Related Work Areas

Oil & Gas