Deutsche Rohstoff AG: Update on US oil & gas activities

EQS-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Update on US oil & gas activities

16.07.2024 / 09:06 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Deutsche Rohstoff AG: Update on US oil & gas activities

* Daily production of ca. 14.800 BOEPD in first half 2024

* Strong initial production of new wells in Oxy development partnership

* Three wells at Bright Rock start production

* Overall very positive results from wells in Wyoming


The oil and gas business of the Deutsche Rohstoff Group continued to develop
very positively in the second quarter. A total of around 14,800 BOEPD were
produced in the first half of the year. This means that production is fully
in line with the guidance published in April.

The oil share of production was around 58% and the WTI oil price averaged at
USD 79.74 in the first half of the year. For the year as a whole, management
continues to expect production to be in line with the guidance of 14,700 to
15,700 BOEPD, with higher production expected in the second half of the year
than in the first 6 months.

As expected, the 10 wells that were brought into production in mid-March as
part of Salt Creek Oil & Gas' partnership with Occidental Petroleum produced
at rates averaging around 700 barrels of oil per well per day in April and
May. Maintenance work was carried out on various pads and on gas
infrastructure in June, resulting in slightly lower production, already
increasing in July.

Bright Rock Energy was able to complete its drilling program, which began in
December, on schedule and brought the wells into production. The 3 wells
have been producing since the beginning of June and will continue to
increase in the coming months. The results of the drilling program confirm
the high prospectivity of Bright Rock's acreage. The two 2-mile wells with
an average working interest of 95% into the Mowry formation and Niobrara
formation are producing with very positive results.

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 +49 621 490 817 0
info@rohstoff.de


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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:    1946707

End of News EQS News Service
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1946707 16.07.2024 CET/CEST