DGAP-News: Deutsche Rohstoff AG: First horizontal wells from Tekton Energy have already reached payout
(firmenpresse) - DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: First horizontal wells from Tekton Energy have
already reached payout
13.11.2013 / 08:30
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Deutsche Rohstoff: First horizontal wells from Tekton Energy have already
reached payout
Production from five horizontal wells to begin/Drilling of seven new
horizontal wells
Heidelberg/Denver. The first two horizontal wells, which Tekton Energy, US
oil and gas subsidiary of Deutsche Rohstoff, drilled from the Rancho pad in
spring, have already paid out after 4.5 and 5.5 month respectively. This
means they have generated a net return to Tekton after royalties, ad
valorem taxes and working interest that equals the invested money. With
this, the wells have paid out faster than the average wells in the
Wattenberg field. There are several reasons for this positive development:
- Average production of 956 barrel of oil equivalent (BOE) from both
wells combined per day between end of April and end of October (176
days of production) was well above the average production rate that
Tekton expects for all wells. In October the average daily production
of both wells still amounted to 726 BOE.
- Investment amounted to less than USD 4 million per well which is below
assumed costs
- The oil price (West Texas Intermediate-WTI) with an average of USD
101.5 was higher than base case economic assumptions.
Jerry Sommer, CEO of Tekton Energy, commented: 'Our first two wells are
among the best Codell wells that have been documented in the Wattenberg
field so far. Profitability is extremely good and we are confident that we
will continue to achieve good results, although we do not expect all of our
wells to pay out as fast as the first two.'
The recently drilled wells from the Pavistma South pad are currently being
completed. Production is expected to begin around November 24th. Deutsche
Rohstoff will be reporting the production rates after the first month of
production.
As announced, three further horizontal wells are being drilled beginning
October 18th from the Frye Farms pad. Tekton's working interest in these
wells is 98,5%. The wells will probably be finished by the end of November
and will start production around January 1st.
Drilling of four wells from the Diamond Valley East pad will presumably
start during the last week of November. It will be the first time for
Tekton to work with two drilling rigs at a time. These wells, in which
Tekton holds a share of 65% will be finalized early in the year 2014 and
will begin to produce in mid February 2014.
Heidelberg, 13 November 2013
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard
segment of Frankfurt Stock Exchange, is establishing a new primary
producer. The company's focus is placed on oil&gas and so called high
tech metals such as tin, tungsten, and rare earth metals. All projects are
located in political stable countries with high environmental standards.
The business concept is based on redeveloping deposits, which have been
well explored in the past. For more information please visit
www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 6221 871 000
info(at)rohstoff.de
End of Corporate News
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13.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 24
69117 Heidelberg
Germany
Phone: 06221-87100-11
Fax: 06221-87100-22
E-mail: gutschlag(at)rohstoff.de
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of News DGAP News-Service
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239544 13.11.2013
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Datum: 13.11.2013 - 08:30 Uhr
Sprache: Deutsch
News-ID 315757
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Kategorie:
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