Deutsche Rohstoff AG Achieves Record Production in 2023 and Eyes Strong Start in 2024

Deutsche Rohstoff AG announced a record oil and gas production of approximately 12,700 barrels of oil equivalent per day (BOEPD) in 2023, marking a 32% increase from the previous year. This surpasses the forecast range of 12,000 to 12,500 BOEPD. The fourth quarter of 2023 witnessed the highest quarterly production in the company's history with 15,300 BOEPD, largely due to the successful introduction of 9 new wells last fall.

Commencing 2024 with robust momentum, the company reported production in the first two months to be around 20% above the planned figures, at approximately 15,500 BOEPD. Despite these impressive production figures, Deutsche Rohstoff AG expects its revenues and EBITDA for 2023 to align with the forecasted EUR 188 to 198 million and EUR 152 to 162 million, respectively.

Further operational highlights include the ongoing completion of 10 wells at Salt Creek Oil & Gas and promising advancements in Bright Rock Energy’s drilling program. The company’s hedging strategy has also been intensified following recent rises in WTI prices, securing a favorable position for the upcoming years.

Notably, Deutsche Rohstoff AG has laid a solid foundation for continuous growth, as suggested by the reserves published, predicting substantial future cash flows and underscoring the company's positive operational performance.