Diversified Energy Company PLC signed conditional purchase and sale agreement to acquire High-working interest, operated natural gas properties and related facilities located in Texas from Crescent Pass Energy, LLC for approximately $110 million.

Diversified Energy Company PLC (LSE:DEC) signed conditional purchase and sale agreement to acquire High-working interest, operated natural gas properties and related facilities located in Texas from Crescent Pass Energy, LLC for approximately $110 million on July 10, 2024. The Acquisition will be funded through a combination of the issuance of approximately 2.4 million new U.S. dollar-denominated ordinary shares direct to Crescent Pass Energy and a senior secured bank facility supported by the acquired assets, along with existing and expanded liquidity from the Diversified Energy Company PLC's recently increased borrowing capacity. The ordinary shares will be subject to a customary commercial lock-up agreement.

The expected completion of the transaction is in the third quarter of 2024. Rahul D. Vashi of Gibson, Dunn & Crutcher LLP acted as legal advisor to Diversified Energy Company PLC.