Deutsche Oel & Gas I S.A.

  • WKN: DGAS52
  • ISIN: DE000A18X5C7
  • Land: Großherzogtum Luxemburg

Nachricht vom 27.09.2017 | 19:10

Deutsche Oel & Gas Group: 2017 drilling season terminated prematurely

Deutsche Oel & Gas S.A. / Key word(s): Miscellaneous
Deutsche Oel & Gas Group: 2017 drilling season terminated prematurely

27-Sep-2017 / 19:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Deutsche Oel & Gas Group: 2017 drilling season terminated prematurely

Luxembourg, 27 September 2017: Deutsche Oel & Gas Group has terminated prematurely the 2017 drilling season and will now concentrate all its efforts on the 2018 season. Important equipment was unable to be delivered in time to the production region. The measures originally planned for 2017 are now being deferred until next year. All gas delivery obligations for 2017 and 2018 will be met in full by the natural gas production that is already up and running.

Deutsche Oel & Gas initially plans to complete well KLU#3 and to go into production in early 2018. This should then be followed by the planning and commissioning of the oil infrastructure.

Despite the early end to the drilling season, natural gas production was positive in the first half of 2017, with gross production revenues increasing by 89 percent over the prior year period to USD 17.1 million. Total natural gas production amounted to 2.7 billion cubic feet.

Thomas Knipp/Marco Quacken
Members of the Board of Directors
Deutsche Oel & Gas S.A.
Tel.: +352 2786 2290

27-Sep-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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