Diversified Gas & Oil plc, an explorer focused on the Appalachian Basin, said Thursday it plans to acquire more oil and natural gas assets from an undisclosed seller for about $575 million.

Diversified, which trades on AIM, an international submarket of the London Stock Exchange, said the acquisition includes 2.5 million net acres and about 11,350 wells with current net production of 32,100 boe/d, which is double daily output recorded at the end of March. The figure includes pro forma production from a pair of unrelated acquisitions that were completed in March.

COO Brad Gray told NGI’s Shale Daily on Thursday the assets to be acquired are in Kentucky, Virginia and West Virginia. The deal would also include “several thousand” miles of pipeline, including gathering lines. He declined to disclose how many compressor stations would be included, or whether the seller is based in the United States.

If the transaction is completed, Diversified would hold 6.5 million net acres and proved developed producing (PDP) reserves of 393 million boe, up from its current PDPs of 163 million boe. The acquisition also includes “a significant extension of the company’s existing pipelines and network of compression stations,” the producer said.

Under AIM rules, the deal would constitute a reverse takeover and would therefore be subject to approval by shareholders. Consequently, trading was temporarily suspended until an admission document is published or the company confirms that the deal would not proceed.

The company plans to fund the acquisition through a new $1 billion debt facility with an initial borrowing base of $600 million, of which Diversified would draw about $376 million. It also plans to raise up to $225 million through a sale of its shares.

Diversified completed two acquisitions in March of Canton, OH-based Alliance Petroleum Corp. and a package of assets from CNX Gas Co. LLC for $85 million. The Alliance deal included 13,000 producing, operated wells mostly in Pennsylvania and West Virginia, near its existing portfolio, as well as PDP reserves of 49.3 million boe and net daily production of 53 Mcfe/d (99% natural gas).

The company was incorporated in 2001 and in 2014 was registered as a public limited company, or plc, in England and Wales. It began trading on AIM in February 2017. The headquarters is in Birmingham, AL.