Redevelopment of former oil field Stockstadt in Hesse/Higher activity in the Rheingraben area
Heidelberg. Rhein Petroleum GmbH, Heidelberg, spuds its first well in the German Federal State of Hesse today. In the coming four to five weeks, Rhein Petroleum will be drilling to a depth of 1,600 metres in the Southern Hesse city Riedstadt-Crumstadt; which is located about 50 kilometres south of Frankfurt am Main. The drilling ends in the so-called “Pechelbronner layers”, where Rhein Petroleum expects to find production-worthy amounts of oil. This drilling target was defined as promising as a result of the extensive seismic studies of Rhein Petroleum. It is located within the former oil field “Stockstadt”, where oil was being produced until 1992 and where significant residual reserves are expected. Also in the surrounding areas of this former oil field promising structures were identified and will be prospectively drilled. The commercial production of oil in Southern Hesse began as early as 1952. Until 1994, nearly 7 million barrels of oil were produced from 47 holes. The oil is found in layers that are located 1,500 to 1,700 metres below the surface. More information is available on the homepage of Rhein Petroleum (www.rheinpetroleum.de). A webcam has been set-up to show pictures of the drilling site. Another well in which Rhein Petroleum holds a working interest is currently being drilled in Karlsruhe-Leopoldshafen. This well is operated by GdF Suez. These two wells represent the first oil wells that are drilled in the Federal States of Hesse and Baden-Württemberg in the last 25 years. Deutsche Rohstoff, who co-founded Rhein Petroleum in late 2007, still holds 10% of the company. The remaining shares are held by Tulip Oil (www.tulipoil.com), The Hague, Netherlands. Deutsche Rohstoff sold the majority of Rhein Petroleum to Tulip in January 2011. Due to an agreement signed in September 2012, Deutsche Rohstoff pays for just 2.5% of all investments of Rhein Petroleum despite its 10% share.
Heidelberg, 28 August 2013