Deutsche Rohstoff AG sells further 15 per cent share in Rhein Petroleum

Deutsche Rohstoff AG

Deutsche Rohstoff AG sells further 15 per cent share in Rhein Petroleum

Deutsche Rohstoff AG

Cash payment of EUR 5 million

Heidelberg. Deutsche Rohstoff AG has sold a further 15 percent of its 25 percent share in Rhein Petroleum GmbH, Heidelberg, to Tulip Oil Holding B.V., The Hague. The purchase price amounts to EUR 5 million, which is due immediately. For the remaining holding of 10 percent, Tulip Oil will cover 75% (EUR 3 million) of DRAG`S investment obligations, leaving DRAG with only EUR 1 million of committed investment. Tulip will be compensated for the provided carry from earnings of Rhein Petroleum that are attributable to DRAG and/or from proceeds of a sale of DRAG´s remaining 10%. The obligation to compensate Tulip will cease at 31 December 2021.

Dr. Titus Gebel, CEO of Deutsche Rohstoff AG, said: “We expect large investments in Rhein Petroleum over a relatively short period of time. The now signed agreement gives us the opportunity to remain a significant share shareholder without having to provide major funding. We expect that our remaining share will grow its value significantly in the coming years.”

Heidelberg, 10. September 2012