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14.11.2023 22:53:39
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EQS-Adhoc: Deutsche Rohstoff AG: Salt Creek Oil & Gas sells Utah assets
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EQS-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Disposal
Salt Creek Oil & Gas sells Utah assets
Deutsche Rohstoff AG (WKN A0XYG7) announced today, that its wholly owned subsidiary Salt Creek Oil & Gas LLC has sold all of its Utah assets in two transactions. The assets are composed of around 250 “non-operated” wells with an average working interest of 2.3%. Income of EUR 17 million related to Utah assets in the 4th quarter and increase in the Group’s liquidity by around EUR 44 million. The forecast changes as follows: Forecast 2023 (EBITDA increase)
Forecast 2024 (reduction) Base scenario
Increased price scenario
The 2023 forecast assumes a WTI price of USD 75 (previously USD 85). All other assumptions remain unchanged at a EUR/USD exchange rate of EUR/USD 1.08 and a Natural Gas price of USD 3. The assumptions for the basis of the 2024 forecast also remain unchanged at a EUR/USD exchange rate of EUR/USD 1.12, a natural gas price of USD 3 and a WTI price of USD 75 in the base scenario and USD 85 in the increased price scenario. End of Inside Information Information and Explanation of the Issuer to this announcement: Explanatory part The transaction is subject to the usual reservations regarding the review of the buyers and purchase price adjustment rules. All parties expect the transaction to be completed by the end of the year. The parties have agreed to not release further details on the sale price. The adjustment of the forecast is also based on the assumption that the contractually defined closing of the transaction will take place by the end of 2023. If the closing is postponed to 2024, the effects of the forecast adjustment may also be postponed. The areas in Utah were initially acquired as well as developed by Bright Rock Energy LLC at the end of 2018 and sold to Salt Creek Oil & Gas LLC, which is responsible for various non-operated areas of the Group, last year. Jan-Philipp Weitz, CEO of Deutsche Rohstoff AG, commented: “With the sale of the acreage in Utah, we have once again achieved a major success. This transaction underlines the positive development of recent years and the high value of our oil and gas production. In addition, this transaction once again demonstrates the high liquidity of US oil and gas assets and the ability to divest assets profitably, without having a negative effect on the other parts of the US business. As a result of this gain, 2023 would again exceed the record net income and earnings per share of the previous year.” For the definition of EBITDA, please refer to the website of Deutsche Rohstoff AG at https://rohstoff.de/en/apm/. Mannheim, 14 November 2023 Contact Deutsche Rohstoff AG Phone +49 621 490 817 0 info@rohstoff.de
14-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Deutsche Rohstoff AG |
| Q7, 24 | |
| 68161 Mannheim | |
| Germany | |
| Phone: | 0621 490 817 0 |
| E-mail: | info@rohstoff.de |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76 |
| WKN: | A0XYG7 |
| Indices: | Scale |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1772297 |
| End of Announcement | EQS News Service |
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1772297 14-Nov-2023 CET/CEST
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