Put companies on watchlist
Deutsche Rohstoff AG
ISIN: DE000A0XYG76
WKN: A0XYG7
About
Company Snapshot
New: Enable Investor Alerts
Be informed about new publications
New: AI Factsheet

Corporate News meets AI! 
Content analysis and summary

EN GIF 300X250

Deutsche Rohstoff AG · ISIN: DE000A0XYG76 · EQS - Company News (134 News)
Country: Germany · Primary market: Germany · EQS NID: 1777763
21 November 2023 06:38AM

Strong development in Wyoming & Bright Rock Energy drilling program


EQS-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Roshtoff AG: Strong development in Wyoming & Bright Rock Energy drilling program

21.11.2023 / 06:38 CET/CEST
The issuer is solely responsible for the content of this announcement.


Strong development in Wyoming & Bright Rock Energy drilling program
 
  • Successful performance of development in Wyoming
  • 28 wells in production since late 2022
  • Production volumes above expectations
  • Bright Rock plans to drill three wells starting in December

Deutsche Rohstoff AG (WKN A0XYG7/ISIN DE000A0XYG76) provides an update on the development in Wyoming. With the acquisition of approximately 70,000 acres of leases in 2020 and 2021 and the joint venture with Oxy, the operational focus has shifted from the fully developed acreage in Colorado to Wyoming since early 2022.

In the last 14 months, 28 wells have started production, 23 of them in the Niobrara formation and five in the Turner formation. Of the 28 wells, 21 have been drilled as part of the joint venture with Oxy. On average, the wells are exceeding expectations. This expectation is around 500,000 barrels of oil per well over the entire production period.

The results of the wells and the record figures after nine months with sales of EUR 136.6 million and EBTIDA of EUR 101.6 million also clearly show that development of the Wyoming acreage has started successfully. The potential of over 100 further possible wells also lays the foundation for development in the coming years.

The subsidiary Bright Rock Energy, which holds around half of the acreage in Wyoming and has only drilled one well to date, will begin a program of several wells in December to further develop the highly prospective acreage near the “Buster" well Bright Rock drilled in 2021. Initially, a total of three wells with a working interest averaging around 77% will be drilled. Two wells will be placed in the Niobrara formation to build on the very strong production from the Buster well and, for the first time, a well into the deeper Mowry formation. Success in the Mowry would significantly increase the potential of the Bright Rock acreage and thus the value, as no reserves have been booked for Mowry wells to date.

So far, investments of around EUR 80 million have been planned for the coming year. A further 12 wells are scheduled to start production in the first half of the year. The three wells at Bright Rock will increase the number of total wells to 15 and investment in exploration and production (upstream) by EUR 28 million to around EUR 110 million. Deutsche Rohstoff and its subsidiaries will decide on further drilling at the beginning of 2024.

In 2023, investments including the acquisition and investments in pipeline and water infrastructure (midstream) of EUR 20 million will reach a record level of around EUR 175 million. These very high investments can almost entirely be financed from current operations thanks to the strong operating cash flow and the sale of the land in Utah. Cash and cash equivalents are expected to be around EUR 85 to 90 million at the end of the year when the Salt Creek transaction is completed, with net debt at around EUR 70 million.

Jan-Philipp Weitz, CEO: "Following the strong Group result of EUR 66 million in 2022, 2023 could be another record year for Deutsche Rohstoff AG. The starting position for the coming years is better than ever before. We have extensive acreages for further development and have successfully demonstrated that we are in a position to develop them very economically. The sale of the acreage in Utah will bring us around EUR 44 million in free funds, although we have sold less than 10% of our production and the sale will therefore only have a minor impact on our future sales and our guidance."


Mannheim, 21 November 2023


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

 


21.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


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: 1777763

 
End of News EQS News Service

1777763  21.11.2023 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1777763&application_name=news&site_id=boersengefluester_html
Visual performance / price development - Deutsche Rohstoff AG
Smart analysis and research tools can be found here.

This publication was provided by our content partner EQS3.

EQS Newswire
via EQS - Newsfeed
EQS Group AG ©2024
(DGAP)
Contact:
Karlstraße 47 D-80333 München
+49 (0) 89 444 430-000

 

SMART * AD
EN GIF 970X250

P R O D U C T   S U G G E S T I O N S

The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.


The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.

If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.

For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.


1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.