As of today, Cub Creek Energy begins drilling from the Knight pad, which is directly adjacent to the Olander pad to the west. Up to 12 horizontal wells with 2.25 miles horizontal length are planned. The wells are expected to begin production in the fourth quarter of 2021. Due to the difficult situation in the U.S. oil market in recent months and [...]
Deutsche Rohstoff AG provides an overview of developments in the Group, its subsidiaries and individual shareholdings. The US oil price WTI, which recently rose to over USD 50, represents an important component for the expansion and resumption of production and significantly increases the ability to plan further development of the US subsidiaries [...]
Deutsche Rohstoff AG: Almonty signs contract for project financing Mannheim. Almonty Industries announced that the Project Finance Agreement with KfW-IPEX Bank for the construction of the Korean Sangdong Mine was definitively signed today. The project financing has a volume of USD 75.1 million. The buyer of the tungsten concentrates, which is [...]
Bright Rock Energy has successfully completed the acquisition of extensive acreage in the US state of Wyoming. Following the signing of the purchase agreement on 6 June 2020, Bright Rock intensively reviewed all legal, technical and financial aspects of the property in recent weeks. The review did not reveal any findings that would have led to a [...]
The equity and bond portfolio which Deutsche Rohstoff AG has built up in response to the Corona crisis has developed positively so far. As of 30 June 2020, the portfolio's profit amounted to about EUR 7.4 million. So far, only a small part of the profits have been realized. As of 10 July 2020, the profit has increased further to EUR 8.2 million. Of [...]
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 [...]
