Deutsche Rohstoff AG / Key word(s): Interim Report
28.09.2016 12:45
Disclosure of an inside information according to Article 17 MAR,
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: Course of Business as planned
Semi-annual report online/Two further wells possible in the US in 2016
Mannheim. In the first half year, Deutsche Rohstoff Group reached a net
loss in the amount of EUR -3.9 million as expected (all figures according
to HGB and unaudited). Revenues from product sales amounted to EUR 1.1
million. These result almost exclusively from oil and gas sales of the US
subsidiary Elster Oil & Gas, which started production of five horizontal
wells in September 2015. Earnings before depreciation, interest and taxes
(EBITDA) amounted to EUR -3.0 million as of 30 June 2016.
The Group equity increased slightly by EUR 0.7 million to EUR 62.5 million
compared to 31 December 2015. This corresponds to an equity ratio of 48.3%
compared to 48.2% at the end of 2015. Cash and cash equivalents (deposits
with banks plus marketable securities and current assets) amounted to EUR
74.6 million (31 December 2015: EUR 83.0 million).
For the full year 2016, the company expects a Group net profit of EUR 8-10
million. The profit will mostly be determined by oil and gas sales of the
US-subsidiaries Cub Creek Energy and Elster Oil & Gas in the fourth quarter
as well as tax refunds in the US. Since the end of July, Elster Oil & Gas
is producing from another six wells. In the first month, these wells
produced 2,700 barrels of oil equivalent (BoE) per day, of which 1,350 BoE
apply to Elster economically. In October and November, at least 19
horizontal wells will be brought into production by the US-subsidiary Cub
Creek Energy in which the company holds an average economic share of nearly
90%.
A few days ago, Cub Creek received approval for two additional wells from
the Markham-Pad, at which the company is currently drilling ten wells. The
decision on these two additional wells will be made in the coming days. If
the decision is positive, commencement of all twelve wells from the
Markham-Pad will be postponed by about three to four weeks into the first
half of December.
A major influence on the group net profit will have tax reimbursements. For
2015, Deutsche Rohstoff USA, which holds the equity investments of Deutsche
Rohstoff AG in the US, expects a tax refund of USD 3.9 million, which will
be paid in the coming weeks. For 2016, the tax refund will rise
significantly due to the high investment volume.
Thomas Gutschlag, CEO of Deutsche Rohstoff, comments: "We are on track with
our drilling activities in the US. As expected, the vast majority of
revenues will be generated in the fourth quarter. For the full year, we
still continue to expect a very good Group result."
Cub Creek and Elster have an inventory of further 100 planned production
wells, which ought to be drilled by 2018. Cub Creek has also recently
announced the acquisition of additional 1,500 net acres. Permitting
documentation is currently prepared for these wells. Management is of the
opinion, that this area could offer the potential for further 50 wells
varying from one mile to mostly two miles in length.
The parent company Deutsche Rohstoff AG expects a positive result for the
full year 2016. The Executive Board therefore expects to be able to propose
a dividend payment of at least previous year's amount.
The semi-annual report is available at www.rohstoff.de and includes
detailed information of the development of the commodity projects within
the Group.
Deutsche Rohstoff AG moved their office address to Mannheim. The registered
office will remain in Heidelberg. The Executive and Supervisory Board will
propose the relocation to Mannheim at the next Annual General Meeting.
Mannheim, 28 September 2016
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
info@rohstoff.de
28.09.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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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: gutschlag@rohstoff.de
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 Announcement DGAP News-Service
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DGAP-Adhoc: Deutsche Rohstoff AG:
| Source: EQS Group AG