New drilling technique reduces drilling costs and time Negotiations under way with Alaska Industrial Development and Export Authority (AIDEA) concerning local natural gas supply IPO planned for first quarter of 2016
Deutsche Oel & Gas S.A. has sold all of the currently planned natural gas output from well KLU#3 in its own production region, the Kitchen Lights Unit.
Luxembourg, 25 November 2015: Deutsche Oel & Gas S.A. has started the production and sale of natural gas from its Kitchen Lights Unit production region for natural gas and crude oil in Southern Alaska. The current daily production rate of 5 million cubic feet of natural gas is to be gradually increased over the coming months to up to 17 million cubic feet. The natural gas produced is of a very high quality, with a methane content of around 99%.
Delivery of up to 15 million cubic feet of gas a day Purchase price over two-and-a-half times the current Henry Hub price
Randolph Yost jack-up rig to operate in the Kitchen Lights Unit production region from April 2016 Modifications currently under way in Singapore in preparation for deployment in southern Alaska Faster drilling times and deeper wells possible
Major Dutch bank ING enters into financing agreement for USD 135 million Bank of America on the verge of a financing agreement Energy Capital Partners increases commitment to USD 240 million Final plant and commissioning tests prior to gas production get off to a successful start Aurora Gas and Homer Electric sign long-term supply agreements
Start of natural gas production from November 2015 Exploration plan 2015 implemented in full Luxembourg, 7 October 2015: Deutsche Oel & Gas S.A. brought its Kitchen Lights Unit natural gas and crude oil production region to the production stage in 2015 and prepared well KLU#3 for the start of natural gas production in November 2015.
Construction of production platform, connecting pipeline and processing plant complete Successful tests and checks Natural gas production planned from end of 2015
Production platform on its way from Seattle to Southern Alaska Processing plant nears completion Pipe-laying vessel starts laying connecting pipeline
German engineers play lead role in construction of production infrastructure Heavy-lift vessel MS Svenja being prepared in the port of Singapore for use in Alaska
Preparations for completion of production infrastructure under way Start of natural gas production planned for late 2015
Energy Capital Partners make maximum commitment for the first time Infrastructure for the Kitchen Lights Unit scheduled for completion in 2015
Additional cash funds of EUR 20 million to finance growth and project implementation 100% subscription ratio