Deutsche Rohstoff AG: Continued positive development
June 23, 2021 at 01:54 am EDT
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DGAP-News: Deutsche Rohstoff AG
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Deutsche Rohstoff AG: Continued positive development
23.06.2021 / 07:53
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: Continued positive development
Oil production above expectations/Strong results of securities portfolio
Mannheim. At the end of the first half of the year, Deutsche Rohstoff AG provides an update on the development of its business:
Oil and gas production in the USA continued to develop very positively. A total of about 1,210,000 BOE (570,000 BO) were produced until the end of May. This means that production to date was around 16% percent above plan.
Drilling from the Knight well pad was completed on schedule at the end of May. It is anticipated that well completion will start in mid-July. Production is still expected to commence in the fourth quarter of 2021. Cub Creek drilled 12 wells with 2.25 miles of horizontal length. Cub Creek's working interest in the wells is 86%. Total capital expenditures are estimated to be USD 60 million.
Cub Creek has entered into hedging contracts for both existing production and anticipated Knight production. For the remainder of 2021, around 380,000 barrels are hedged at around USD 50, and for 2022 to date, 390,000 barrels are hedged at around USD 58 per barrel.
The securities portfolio consisting of oil and gas and gold stocks continues to deliver very good results. In the 2nd quarter, gains of EUR 3.0 million have been realized so far. In addition, there are unrealized gains in the amount of EUR 6.4 million. In the 1st quarter, profits in the amount of EUR 8.5 million were realized.
The company is planning to publish its preliminary half-year figures by mid-July and the full half-year report by mid-August.
Mannheim, 23 June 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 www.rohstoff.de
Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
info@rohstoff.de
23.06.2021 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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Deutsche Rohstoff AG is a Germany-based holding company. Its activities are diversified into three business segments. The Gold and Silver is engaged in extraction of those two materials mainly in Australia. Nevertheless, In September 2014, the Company sold all its shares in Wolfram Camp Mining and Tropical Metals. Moreover it also obtains silver in Germany, from which the Company makes coins. The Oil and Gas business segments is handled through its subsidiary Rhein Petroleum GmbH, Tekton Energy LLC and Salt Creek Oil & Gas LLC, and is focused on the exploration and production of oil and natural gas in Germany and the United States. The High-Tech Metals business segment is engaged in extraction and supply of materials used for production of LEDs (Light Emitting Diodes), flat panel displays, solar cells, hybrid cars and medical indispensable, such as indium, gallium, cobalt and tin. The Company operates subsidiaries in the United States, Australia, Germany and Canada.
DEUTSCHE ROHSTOFF AG 
