DGAP-News Deutsche Rohstoff AG: Corporate update
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Corporate update
Mannheim. At the beginning of the year, Deutsche Rohstoff AG provides an overview of developments in the Group, its subsidiaries and individual shareholdings.
The US oil price WTI, which recently rose to over USD 50, represents an important component for the expansion and resumption of production and significantly increases the ability to plan further development of the US subsidiaries. Overall, Deutsche Rohstoff AG plans a net production of 5,700 to 6,300 barrels of oil equivalent per day (BOEPD) and 2,300 to 2,600 barrels of oil per day (BOPD) respectively from the existing wells in the course of 2021. Wells under development and planned wells are not part of this forecast.
For 2021 hedging contracts for around 45% of the expected production have been executed. The hedged price is around USD 45/barrel. Further hedging contracts are being added on an ongoing basis.
Cub Creek Energy resumed oil and gas production from the Olander pad as planned at the beginning of the year. It had been completely shut in during the price decline last year. For the current year, management is planning average gross daily production of around 2,200 barrels of oil from the Olander well pad, which could be adjusted up or down depending on the oil price level.
The older Vail, Markham, Haley and Litzenberger well pads have already been producing around 1,000 BOPD (gross) since the beginning of October and are in line with expectations.
It is anticipated that Cub Creek will drill new wells from the Knight pad beginning in February. Up to 12 wells with 2.25 miles of horizontal length are possible. Whether all 12 wells will be drilled depends largely on further oil price developments. Production for the new wells is expected to start in the 4th quarter of 2021.
Bright Rock Energy is currently producing approximately 400 BOEPD from its existing wells in Utah and newly acquired wells in Wyoming. The newly acquired wells in Wyoming account for about half of this total.
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