Diversified have declared 2Q20 interim dividend of $0.0375 per share an increase of 7%

DividendMax Ltd.

Diversified have declared 2Q20 interim dividend of $0.0375 per share an increase of 7%

The Diversified Group announced a dividend of $0.0350 per ordinary share. The dividend will be paid on 25 September 2020 to shareholders on the register on 4 September 2020. This dividend was not approved by shareholders, thereby qualifying it as an "interim" dividend. No liability was recorded in the Group Interim Financial Information in respect of this interim dividend as at 30 June 2020.

Other financial highlights include:

June 2020 exit rate net production of 109.0 MBoepd (653.8 MMcfepd)

o Exit rate net production of 18.7 MBoepd (112.0 MMcfepd) from the EQT Corporation ("EQT") and Carbon Energy ("Carbon") acquisitions completed in May 2020 (collectively, the "Acquisitions")

o 1H20 Legacy1 assets maintained at ~70 MBoepd for 8th consecutive quarter

o 1H20 average net production of 95.1 MBoepd (570.9 MMcfepd) (1H19: +26% vs 75.3 MBoepd; 2H19: +1% vs. 94.2 MBoepd)

1H20 Adjusted EBITDA2 of $146 million (1H19: +11% vs $131 million; 2H19: +3% vs. $142 million)

Net income of $18 million (1H19: -71% vs $62 million; 2H19: -51% vs $37 million)

o Net operating loss of $(31) million (1H19: -129% vs $108 million; 2H19: -142% vs $73 million) includes a $110 million non-cash charge to mark derivative contracts to fair value

o Net income also includes an offsetting $70 million benefit from federal well tax credits related to wells with production of less than 90 Mcf/day

o Cash derivative contract settlements of $83.5 million during the period significantly offset historically low commodity prices; Unsettled derivative contracts had a net current asset value of $61.5 million at 30 June 2020

Total cash operating expenses, including total operating expenses and Adjusted General and Administrative2 expenses, of $7.05/Boe ($1.17/Mcfe) (1H19: -15% vs $8.30/Boe; 2H19: -2% vs $7.24/Boe)

Completed transition to the Premium Segment of the Main Market of the London Stock Exchange from AIM

Completed upstream and midstream asset acquisitions from EQT ($125 million) and Carbon ($110 million) in May financed through successful $86 million (gross) share placing and $160 million (gross) amortising 10-year term loan underwritten by Munich Re Reserves Risk Financing, Inc. ("MRRF")

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