DGAP-News: Deutsche Oel & Gas S.A. / Key word(s): Miscellaneous
Deutsche Oel & Gas boosts natural gas production in 2017 by 50 per cent
26.01.2018 / 16:52
The issuer is solely responsible for the content of this announcement.
Deutsche Oel & Gas boosts natural gas production in 2017 by 50 per cent
Luxembourg, 26 January 2018: Deutsche Oel & Gas Group reported a successful year of production in 2017, further consolidating its market position as Alaska's second biggest private natural gas producer. Production of 5.7 billion cubic feet of natural gas topped the previous year's value of 3.8 billion cubic feet by 50%. Production revenue rose 39% from USD 25.5 million to USD 35.4 million. Since the start of production in November 2015 Deutsche Oel & Gas Group has produced 9.7 billion cubic feet of natural gas as of 31 December 2017, with revenue totalling USD 62.1 million.
"Owing to the considerable increase in natural gas production and production revenue, 2017 was a successful year for us. With these results, we have exceeded our forecasts. The market environment is currently shaping up to be very favourable for 2018. For this reason, we are optimistic about the upcoming drilling season," said Kay Rieck, Chairman of the Board of Directors of Deutsche Oel & Gas S.A.
About Deutsche Oel & Gas S.A.:
Deutsche Oel & Gas S.A. is domiciled in Luxembourg (www.deutsche-oel-gas.com) and 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/Marco Quacken
Members of the Board of Directors
Deutsche Oel & Gas S.A.
E-mail: presse@deutsche-oel-gas.com
Tel.: +352 2786 / 2290
26.01.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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