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DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
17.11.2021 / 14:20
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: Cub Creek Energy starts production from Knight well pad
Mannheim/Denver . Cub Creek Energy, one of Deutsche Rohstoff's subsidiaries in the USA, has started producing oil and gas from twelve new horizontal wells. The wells were drilled in the spring and completed in recent months. They are 12 wells with 2.25 miles of horizontal length. The capital expenditure is approximately USD 60 million, of which Cub Creek accounts for approximately USD 52 million. This is the most extensive drilling program that Deutsche Rohstoff has carried out in the USA to date. The drilling was completed within the planned timeframe and expected budget.
Cub Creek expects high production from the Knight wells. On an annual average basis in 2022, the wells should produce approximately 4,500 barrels of oil equivalent per day, just under half of the Group's expected production. Based on the current forward curve, the wells are expected to yield a return of approximately 100 percent and repay the investment within 1 to 1.5 years.
Mannheim, 17 November 2021
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at
Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
17.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: | |
| Internet: | |
| 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: | 1249875 |
| |
| End of News | DGAP News Service |
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