Deutsche Oel & Gas I S.A.

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

Nachricht vom 17.04.2018 | 16:30

Deutsche Oel & Gas S.A. successfully expands its business operations

DGAP-News: Deutsche Oel & Gas S.A. / Key word(s): Financing

17.04.2018 / 16:30
The issuer is solely responsible for the content of this announcement.


Deutsche Oel & Gas S.A. successfully expands its business operations

  • Private equity firm ECP makes an additional investment of up to 35 million US dollars
  • Finance for the 2018 drilling season has been fully secured
  • The extension of the "Kitchen Lights Unit" development area is being advanced

 
Luxembourg, 17 April 2018: Deutsche Oel & Gas Group has received the go-ahead from private equity firm ECP for further investments of up to 35 million US dollars. The funds received will be used to further develop the "Kitchen Lights Unit" development area in Southcentral Alaska.

"We are delighted to have the opportunity to further build upon our existing successful collaboration with Energy Capital Partners," said Kay Rieck, Chair of the Management Board of Deutsche Oel & Gas S.A. "The decision to make this additional commitment is a sign that our partner recognises and holds in high regard the value of Deutsche Oel & Gas Group, which is growing sustainably."

The next steps in the development include the completion and start of production for the third borehole KLU#3c and the fourth exploratory drilling. By taking these measures, Deutsche Oel & Gas Group is on target in expanding its natural gas production, thereby further consolidating its position as the second largest private producer of natural gas in Southcentral Alaska. Not only this, but the company is also ensuring that all natural gas supply contracts which have previously been signed can be completely fulfilled - including the contract with ENSTAR, Alaska's largest gas supplier, which has been effective as of 1 April 2018. The agreement with ENSTAR involves a basic volume of 6.2 billion cubic feet of natural gas per year until 2022 and is of a total value of up to 247 million US dollars.


About Deutsche Oel & Gas S.A.:
Deutsche Oel & Gas S.A., based in Luxembourg (www.deutsche-oel-gas.com) is the holding company of the Deutsche Oel & Gas Group, which specialises in the exploration for and the production of natural gas and crude oil in the Cook Inlet Basin in Alaska. The Deutsche Oel & Gas Group holds the majority of the oil and gas leases in the Kitchen Lights Unit, which covers an area of 337 km2 in the Cook Inlet Basin.


Contact:
Thomas Knipp
Member of the Board of Directors
Deutsche Oel & Gas S.A.
Email: press@deutsche-oel-gas.com
Tel.: +352 2786 2290

Press contact:
Convensis Group
Dr. Stefan Hencke
Matthias von Carlsburg
Email: pr-dogsa@convensis.com
Tel.: +49 711 365337-6



17.04.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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