First revenues from oil and tungsten production/Equity Capital increases by 43% to EUR 44 million
Heidelberg. Deutsche Rohstoff AG published its report for the first half of 2012 today. Until 30 June 2012 the Group had an overall turnover (revenue plus other operating income) of EUR 3.7 million. The consolidated net income after minorities (according to German-GAAP, HGB, unaudited) in the first half of 2012 amounted to minus EUR 0.7 million. From 31 December 2012, total assets rose by 40% to EUR 56.8 million, equity capital increased by 43% to EUR 44.5 million and the equity ratio rose to 78.3%. Cash and cash equivalents amounted to EUR 11.3 million as of 30 June 2012. In the first half year Tekton Energy generated proceeds from the sale of oil and gas amounting to EUR 0.3 million, Wolfram Camp Mining a total of approximately EUR 0.6 million. Further revenue was generated by Deutsche Rohstoff AG and the sale of shares in Tin International Ltd. and Seltenerden Storkwitz AG.
The Interim Report also discusses the highly successful exploration activities within the Group. Even though they are not reflected in the numbers yet, they have considerably increased the value of the resource base:
– The confirmatory tin drill workings in the Ore Mountains and the JORC-report created by an Australian expert, confirmed that the license areas of Gottesberg and Geyer belong to the world’s largest undeveloped tin deposits.
– Rhein Petroleum GmbH successfully finalised one of the largest 3D-seismic surveys that has ever been undertaken in Southern Germany. It forms the basis for a drilling program which will begin in the upcoming months.
– The confirmatory drilling of Seltenerden Storkwitz AG was completed in July. The preliminary results indicate that the historical estimates can also be substantiated. The JORC-report is expected in November and will be published then.
– Finally Devonian Metals published an updated report according to the Canadian NI 43 101 Standard, which showed that the drilling programs of the past two years nearly doubled the resource.
In addition, Deutsche Rohstoff AG reported further successful activities in September:
– The Georgetown Gold Mine was sold for approximately EUR 13 million in cash.
– Another 15% share in Rhein Petroleum GmbH was sold for the amount of EUR 5 million.
– Tekton Energy received approval to drill another 55 holes in the Wattenberg field. Thus, the proposed horizontal drilling program has been ensured by permit and can start later this year.
Thomas Gutschlag, CFO of Deutsche Rohstoff AG, said: „We have continued our dynamic growth during the first half year and have already achieved some of our full year targets. We expect to complete the full year with another pleasing result, despite the build-up phase of Tekton and Wolfram Camp. Considering these developments we want to hold on to our goal to pay a dividend for 2012.
Heidelberg, 28 September 2012