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Deutsche Rohstoff AG
Regulatory Filings • Jan 25, 2017
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Corporate | 25 January 2017 08:00
Deutsche Rohstoff AG: Cub Creek plans to drill another 31 wells in 2017
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
25.01.2017 / 08:00
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff: Cub Creek plans to drill another 31 wells in 2017
Investment budget of approximately USD 60 million/Start of drilling mid-March
Mannheim/Denver. Cub Creek Energy (CCE) plans to drill an additional 31 one-mile lateral wells in 2017. The board of the company approved the respective budget. An initial 9 well drilling pad in the DJ Basin will spud by mid-March and will be completed during the 2 nd quarter. Another 22 well pads will commence drilling in May and be completed during the 4 th quarter.
Net investment of CCE is planned to amount to approximately USD 60 million. The drilling capital will be financed out of existing cash flow, potentially a reserved based lending facility and further funds from Deutsche Rohstoff.
The company had completed 21 wells in the 4 th quarter of 2016. Initial 9 wells were placed into production in mid-November and have significantly exceeded expectations so far. The company reported an average production of 4.501 BOEPD (barrel of oil equivalent) for December on December 29 th . Initial production of further 12 wells that were brought online in late December will be reported in February.
Mannheim, 25 January 2017
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 6221 871 000
25.01.2017 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 |
| N1, 1 (Stadthaus), 3. Etage | |
| 68161 Mannheim | |
| Germany | |
| Phone: | 06221-87100-11 |
| Fax: | 06221-87100-22 |
| E-mail: | [email protected] |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76, DE000A1R07G4, |
| WKN: | A0XYG7, A1R07G |
| Indices: | Entry Standard (Performance TOP 30) |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange; Open Market (Entry Standard) in Frankfurt |
| End of News | DGAP News Service |