Mannheim. Following a very good performance in 2018, Deutsche Rohstoff Group has also made a good start to the new financial year. The first quarter was characterized by the following developments:
Production amounted to 566,000 barrels of oil equivalent (boe) or 6,300 boe per day. The oil content was 253,000 barrels.
- Consolidated net income increased significantly to EUR 4.1 million compared to the first quarter of the previous year.
- The Group has cash reserves of EUR 56.8 million (previous year: EUR 21.4 million; year-end 2018: EUR 60 million).
- Equity rose by 42% year-on-year to EUR 79.3 million (year-end 2018: +7.4%).
- Liabilities decreased by 26.8% year-on-year to EUR 113.8 million (-2% compared to year-end 2018)
The group was also able to announce positive developments from the US operations. In the course of the quarter, it was announced that proved reserves of the US subsidiaries had increased by 68% year-on-year to 29.4 million BOE. The subsidiaries Salt Creek Oil & Gas and Bright Rock Energy increased their production significantly and successfully acquired additional acreage.
Deutsche Rohstoff’s quarterly report for the first quarter of 2019 is now available on the company’s website at www.rohstoff.de.
Mannheim, 9 May 2019
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.