EQS-News

Deutsche Rohstoff AG: Update on oil and gas activities - Seite 2

 

Hedging

For 2023, the hedge book has been further expanded in recent months as planned. Currently, 30% of the forecasted total production volumes for 2023 are hedged at a price of approximately USD 76/bbl. This reflects approximately 50% of the expected production volumes of the wells already producing. Additional wells that will not start production until 2023 will be hedged shortly after the start of production.

 

Cub Creek Drilling Program

Cub Creek will commence a three well drilling program from the Lost Springs well pad beginning in January. Preparatory near surface work and casing to a depth of 600m has been completed.

The basis for the increased 2022 forecast is currently a total of five wells drilled by Cub Creek Energy. Management considers an expansion of the planned wells to be realistic. A decision on the final plans will be made during the first half of the year depending on the price environment and the operational development.

For the years 2023 and 2024, the Executive Board expects a continuing positive business development. The high cash flows from existing production and the extensive drilling programs for 2023 and 2024 that have been started or approved provide an optimal basis for this.

 

Mannheim, 21 December 2022

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21.12.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	Deutsche Rohstoff AG
	Q7, 24
	68161 Mannheim
	Germany
Phone:	0621 490 817 0
Fax:	0621 490 817 22
E-mail:	[e-mail]
Internet:	www.rohstoff.de
ISIN:	DE000A0XYG76, DE000A1R07G4,
WKN:	A0XYG7, A1R07G
Indices:	Scale 30
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1519181