EQS-News

Deutsche Rohstoff AG: Update on oil and gas activities

EQS-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous Deutsche Rohstoff AG: Update on oil and gas activities 21.12.2022 / 15:31 CET/CEST The issuer is solely responsible for the content of this announcement. Deutsche Rohstoff AG: Update on oil and gas activities

Highlights of the current development

• Hedging ratio increased to 30% for 2023
• 3 wells at Cub Creek to commence on 6 January 2023
• Projects in Wyoming and Utah with strong start of production

 

Mannheim. Deutsche Rohstoff AG's oil and gas activities continue to develop very positively. For the full year, production will be around 9,600 BOEPD, the strongest production year to date with the highest sales and EBITDA since the company was founded.

The forecast for 2022 was already increased for the third time at the beginning of December due to the positive development; an EBITDA of EUR 138 to 143 million is expected in 2022.

 

Production

In Utah and in Wyoming, numerous new wells started production in Q4. Outstanding is the performance of twelve wells in Utah, in which Salt Creek has an interest of about 10% and had invested about USD 10 million. The well pad produced approximately 11,000 barrels of oil per day (BOPD) over the past 60 days, contributing approximately net 52,000 BO to the group's production. The production is well above Deutsche Rohstoff AG's expectation. The wells drilled as part of the cooperation with Oxy in Wyoming are also developing very positively and are expected to be above Deutsche Rohstoff AG's internal expectations. In Colorado, the important Knight pad in particular exceeded expectations, as already reported at the beginning of December. At the older well pads, several workovers have been carried out in recent months, resulting in higher production with little investment. Cub Creek's management sees further potential to increase production from older wells again.