Bright Rock Energy has signed a purchase agreement for extensive areas in the US state of Wyoming. The package consists of approximately 28,000 net acres with currently five wells, which produced approximately 300 barrels per day in April 2020. Bright Rock will be the operator for the vast majority of the acres. Around 40% of the acreage is "held [...]
In the first quarter of 2020, Deutsche Rohstoff Group achieved a net profit of EUR 0.9 million. Revenues amounted to EUR 16.12 million, EBITDA to EUR 9.5 million. Revenues from hedging transactions, which are part of sales, amounted to EUR 4.5 million. Due to a tax reform in the USA, tax income of EUR 2.7 million was posted. In the coming months [...]
Due to a new tax legislation of the US government in connection with the corona pandemic, Deutsche Rohstoff USA expects a tax refund in the amount of approximately USD 7.5 million in the coming months. This results from a newly created possibility to carry back operating losses to 2014. In 2014, the subsidiary Tekton Energy sold its assets at a [...]
Deutsche Rohstoff Group generated sales of EUR 41.1 million and earnings before interest, taxes, depreciation and amortization of EUR 22.7 million in the fiscal year 2019. As already predicted in November when the nine-month figures were presented, sales were at the lower end of the forecast of EUR 40-50 million, as was the EBITDA, which as [...]
The companies of Deutsche Rohstoff Group have hedged 80% of their expected oil production for Q1/2020. The hedged price amounts to USD 57.48 per barrel. For the full year 2020, the expected hedging ratio is approximately 55% at a minimum price of 57.12 USD/barrel, for the first half of 2020 at 60% with a minimum price of 57.04 USD/Barrel. The [...]
Almonty Industries, in which Deutsche Rohstoff holds a 12.8% stake, has cleared the decisive hurdles for the project financing of the Sangdong mine in South Korea. After the financing bank, the KfW-IPEX Bank from Frankfurt, had already given a binding commitment at the beginning of February, the Austrian bank "Österreichische Kontrollbank" has [...]
Tulip Oil, majority shareholder of Rhein Petroleum GmbH, today published a first estimate of how much oil the Steig field could contain according to internal calculations. According to this, the so-called Oil in Place, i.e. the amount of oil in the reservoir identified by last year's test well, amounts to more than 114 million barrel of oil. The [...]
Cub Creek Energy, one of four subsidiaries of Deutsche Rohstoff AG in the US, will start the production of oil and gas from a total of 11 new wells drilled from the Olander pad with a horizontal length of two miles each. The drilling phase lasted from mid-June to the end of September, since then the wells have been completed. Cub Creek is investing [...]
Deutsche Rohstoff AG exercises its right to call and redeem the outstanding bearer bonds of the 5.625% bond 2016/2021 with ISIN DE000A2AA055/WKN AA2AA05 in the amount of 50% of their nominal amount in accordance with § 5 para. 3 of the terms and conditions of the bond. The bearer bonds will be called on 16 January 2020. They will be redeemed [...]
Deutsche Rohstoff AG has successfully completed the placement of its corporate bond 2019/2024 with an issue volume of EUR 87.1 million. EUR 53.8 million was attributable to subscriptions within the framework of the public offering and the institutional private placement. In addition, creditors of the corporate bond 2016/2021 exchanged bonds with a [...]
Deutsche Rohstoff AG is planning a new corporate bond placement with a volume of up to EUR 100 million. It will be the third bond of Deutsche Rohstoff. The bond 2013/2018 was repaid on time, the bond 2016/2021 has a remaining term of approximately 20 months. Both bonds constantly traded above 100 percent of their nominal value. Bond conditions and [...]
Eleven Horizonal wells from the Olander drilling pad, which Cub Creek Energy began in June and finished in September, will be completed from next week on. Production is expected to commence in December. Due to the current decline in activities in the US oil and gas sector, Cub Creek has been able to agree very good prices with major service [...]