Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Diversified Energy Company PLC Monetizes Haynesville Undeveloped Acreage

BIRMINGHAM, AL / ACCESSWIRE / November 12, 2021 / Diversified Energy Company PLC (LSE:DEC) ("Diversified" or the "Company") is pleased to announce that the Company and Oaktree Capital Management, L.P. ("Oaktree") have entered into a Purchase and Sale Agreement to divest their working interest in certain predominantly undeveloped Haynesville acreage in Texas (the "Assets") for estimated total cash consideration at Closing of approximately $72.8 million (net $37.3 million to Diversified).

Net to Diversified, the sale includes nearly $33.7 million for 22,729 net acres of predominantly undeveloped Haynesville Shale leasehold in Harrison, Leon, Panola, Robertson and Rusk counties, and $3.6 million for 38 gross Haynesville Shale wells on this acreage producing approximately 1,700 net Mcf per day as of November, 2021 (representing just 2% of the production that Diversified originally acquired from Tanos Energy Holdings II LLC ["Tanos"] in August 2021). Diversified retains an overriding royalty interest on certain of the undeveloped leasehold in Panola and Rusk Counties along with the development rights to all geologic formations other than the Haynesville Shale in the divested acreage.

Diversified's successful monetizing of these Assets effectively reduces its investment in the previously announced Tanos transaction by 30% to $81 million from the original $118 million(a), net of purchase price adjustments. Consistent with previous acquisitions, the Company ascribed no value to the undeveloped Haynesville leasehold. Accordingly, the Company's sale of the Assets reflects its proven ability to purchase predominantly PDP (proved, developed, producing) assets at low multiples and drive further value through the strategic monetization of undeveloped upside potential. Diversified expects to close the transaction in mid to late December subject to the purchaser's normal and customary diligence.

Rusty Hutson, Jr., CEO of the Company commented:

"I am proud of our team's actions to enhance the value of our recent Tanos acquisition, significantly reducing our net purchase price by successfully monetizing these Assets. This transaction exemplifies our strategy of efficiently managing our producing assets and extracting maximum value from predominantly undeveloped resources. The sale proceeds enhance our liquidity as we evaluate other value-accretive opportunities. We remain focused on completing the integration our Central Region acquisitions, delivering operational and administrative synergies and implementing our ESG initiatives and Smarter Asset Management program across the portfolio."

Footnotes:

(a)

Excludes certain below-market natural gas hedge contracts through 2023 assumed by Diversified, as previously announced via RNS on 05 July 2021

For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company's 2020 Annual Report and Interim Results for the Six Months Ended 30 June 2021

For further information, please contact:
Diversified Energy Company PLC
Jim Sheehan
+1 205 408 0909
www.div.energy
ir@dgoc.com

Buchanan
Financial Public Relations
Ben Romney
Chris Judd
Jon Krinks
James Husband
+44 20 7466 5000
dec@buchanan.uk.com

About Diversified Energy Company PLC

Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.

SOURCE: Diversified Energy Company PLC



View source version on accesswire.com:
https://www.accesswire.com/672491/Diversified-Energy-Company-PLCMonetizes-Haynesville-Undeveloped-Acreage

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.