LONDON (ShareCast) - (Sharecast News) - US-based production outfit Diversified Gas and Oil now anticipates full-year results to be "materially ahead" of expectations.
DGO expects results for the calendar year to receive a significant boost from its Core Appalachia operations, acquired in October, and a continued strong performance from its previously integrated operations, including assets acquired from EQT in July 2018.

Net daily production for September was around 60,000 barrels of oil equivalent per day, increasing to 70,000 BOEPD including Core from 1 October, with "smarter well management" programmes over the past 90 days restoring around 130 wells to production, on top of the previously reported 524 wells restored to production since the start of last year.

DGO recorded an EBITDA of $23.6m for October alone, pushing it to an EBITDA of $96.3m for the first ten months of 2018.

The AIM-listed firm said its financial and operational performance for October highlighted its "successful progress with regard to asset integration and associated operating efficiencies".

Chief executive Rusty Hutson, said: "As evidenced by our financial performance for the month of October, we have a highly profitable business underpinned by a healthy financial position."

As of 0820 GMT, DGO shares had shot up 10.94% to 117.60p.

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