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

The Mowry well is currently performing above expectations and has produced better than the very strong 2021 Buster well in the first 30 days, producing just under 800 barrels of oil per day. The Niobrara well is also producing very strongly. The third well with a 50% economic interest, which was drilled at only one mile due to technical difficulties, is scheduled for workover in the coming days as it is not yet producing at full capacity.

1876 Resources has drilled the first 6 wells of its 8 to 10 well 2024 drilling program as planned. The first 3 Niobrara wells have recently started production.

Overall, the wells are on schedule and on budget and are showing a very positive cost trend. Due to the early stage of development at Bright Rock cost were higher than planned.

The wells brought into production in late 2023 and early 2024 continue to produce above expectations on average. The remaining 2 wells brought into production by 1876 Resources in January have so far produced over 200,000 BO combined and remain well above the expected production curve, which assumes 500,000 barrels of oil each over the life of a well. The first well in the Teapot formation in particular continues to deliver very positive results. At least 2 more wells will be drilled into the Teapot formation as part of the ongoing 1876 drilling program.


Mannheim, 16 July 2024

Contact
Deutsche Rohstoff AG
phone [phone]
[e-mail]


 

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Language:	English
Company:	Deutsche Rohstoff AG
	Q7, 24
	68161 Mannheim
	Germany
Phone:	0621 490 817 0
E-mail:	[e-mail]
Internet:	www.rohstoff.de
ISIN:	DE000A0XYG76
WKN:	A0XYG7
Indices:	Scale
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EQS News ID:	1946707