June 23, 2023 [crocon media – msch] In the dynamic world of oil and gas production, the Deutsche Rohstoff Group is making significant strides with their ongoing development projects. As confirmed by the recent update, the production at Lost Springs and Huckleberry has commenced according to schedule, while the existing production is in line with expectations. These positive developments, along with the completion of essential wells in Q2, have set the stage for a promising future in 2023 and 2024.
The Huckleberry pad, a collaborative effort between Salt Creek Oil & Gas, Oxy, and the Deutsche Rohstoff Group, has already begun production earlier than anticipated in May. With approximately USD 60 million invested in ten wells since mid-2022, the Huckleberry pad is expected to make a significant contribution to the Group’s production in the latter half of this year. This achievement highlights the successful execution of their development plans.
Equally noteworthy is the successful flow-back initiation of the Lost Springs pad, marking a milestone for subsidiary 1876 Resources in Wyoming. The drilling and completion processes proceeded smoothly, even concluding slightly ahead of schedule. To further augment their production capabilities, 1876 Resources has secured a contract for a drill rig to facilitate the drilling of six additional wells. In line with their forecast, a total of eight new wells are planned for the second half of 2023 and the first half of 2024. The commencement of drilling activities in July, supported by the contracted drill rig, will occur from two pads, with the remaining two wells slated for 2024.
Meanwhile, the existing wells within the U.S. subsidiaries continue to perform as expected, with some even surpassing initial expectations. The recent production start at Huckleberry and Lost Springs sets the stage for a robust third and fourth quarter in 2023.
These projects demonstrate the Group’s ability to meet forecasted start dates and efficiently advance their operations. This positive outlook positions the Deutsche Rohstoff Group for continued growth and success in the ever-evolving oil and gas industry.
With production on track and new wells on the horizon, the Deutsche Rohstoff Group’s commitment to efficient development and strategic execution is evident. Investors and stakeholders can look forward to the forthcoming months as the Group’s efforts materialize into increased production and favorable financial results.
Read the press release : https://rohstoff.de/en/update-on-oil-gas-activities/
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