EQS-News 109 0 Kommentare Operational update: Record production in 2023 and promising start in 2024 - Seite 2

Bright Rock Energy has been able to make further progress with its drilling program, which began at the end of December. The completion and start of production of the 3 wells is still planned for summer 2024. The drilling program comprised two wells in the Niobrara formation and a first well in the Mowry formation. One of the wells in the Niobrara formation was shortened due to technical difficulties and is expected to be completed with only 1 mile of horizontal lateral. The horizontal lateral is currently being drilled into the Mowry formation.

Preparations are underway at 1876 Resources for this year’s drilling program in Wyoming. The first 2 to 3 wells are scheduled to begin as early as April. A decision on the further drilling program will be made in the coming weeks.

The reserves published in mid-February confirm Deutsche Rohstoff’s positive operating performance. With a cash flow from producing wells of around USD 468 million and the associated 10% discounted present value of USD 313 million at the NYMEX strip as of 31 December 2023, production is built on a solid foundation. The proven and probable present values add up to around USD 420 million and lead to net cash flows of just under USD 900 million.

Deutsche Rohstoff has taken advantage of the rise in WTI prices in recent weeks to further expand its hedging position. For the years 2024 and 2025, a total of around 2 million barrels have been hedged at around USD 75/BBL. Hedging will be continued on an ongoing basis based on production trends.

Mannheim, 5 March 2024

Contact details
Deutsche Rohstoff AG
Phone +49 621 490 817 0
info@rohstoff.de

05.03.2024 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
E-mail:	info@rohstoff.de
Internet:	www.rohstoff.de
ISIN:	DE000A0XYG76
WKN:	A0XYG7
Indices:	Scale
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1851793