Statement re Proposed Dividend

RNS Number : 5404J

Diversified Gas & Oil PLC

03 April 2018

 

3 April 2018

Diversified Gas & Oil PLC

("DGO" or the "Company")

Dividend Statement

Diversified Gas & Oil PLC (AIM: DGOC), a leading independent US based gas and oil producer focused on the Appalachian Basin, has today confirmed that the Company expects to announce its full year results on 30 April 2018, at which time the Board confirms that it will declare a final dividend for 2017 of 3.45 cents per share (the "Final Dividend"), making a total dividend for the year a total of 5.44 cents per share.  The Company expects to pay the Final Dividend on 31 May 2018 to those shareholders on the register on 11 May 2018.  Payment of the Final Dividend will be subject to approval by Shareholders at the AGM, to be held on 29 May 2018.

Diversified continues to generate strong free cash flow by efficiently managing its business and through its recent, highly accretive transformational growth.  The Board remains committed to the stated dividend policy that the Company will pay not less than 40 per cent of operating free cash flow by way of its dividend.  For 2017, DGO's total dividend will be US$ 13.6 million including its interim ($2.9 million) and final ($10.7 million) dividends. 

Given the strength and consistency of the Company's cash flows, the Board also announces that it intends to move to payment of four quarterly dividends with effect from 2018.  The anticipated calendar of dividend payments will be:

	Announced	Paid
Q1	May	September
Q2	September	December
Q3	December	March
Q4	April	June

The Board expects to announce a dividend for the first quarter of 2018 at the time of the AGM on 29 May 2018.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information contact:

Diversified Gas & Oil PLC Rusty Hutson Jr., Chief Executive Officer Brad Gray, Chief Operating Officer and Finance Director Eric Williams, Chief Financial Officer www.diversifiedgasandoil.com	+ 1 [phone]
Smith & Williamson Corporate Finance Limited Nominated Adviser & Joint Broker Russell Cook Katy Birkin	[phone]
Mirabaud Securities Limited Joint Broker Peter Krens Edward Haig-Thomas	[phone]
Stifel Nicolaus Europe Limited  Joint Broker Callum Stewart Nicholas Rhodes Ashton Clanfield	[phone]
Buchanan Financial Public Relations Ben Romney Chris Judd Henry Wilson [e-mail]	[phone]

 

END

 

 

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