Luxemburg, 5 Oktober 2017: Business for the Deutsche Oel & Gas Group in Alaska is developing according to plan. Annual sales of Deutsche Oel & Gas S.A.'s US-subsidiary Cornucopia for 2017 will equate to more than USD 40 million and earnings before interest, tax, depreciation and amortization (EBITDA) of approximately USD 10 million. The sales and earnings forecasts for 2018 amount to USD 81 million and USD 40 million (EBITDA), and for 2019 to approximately USD 100 million and approximately USD 56 million (EBITDA).
The sharply increasing sales are a result of the supply agreement with energy supplier Enstar that will come into force on 1 April 2018. Under the terms of this agreement, 6.2 billion cubic feet of gas will be sold at an average price of USD 6.57 per mcf. The agreed delivery quantities can also be supplied by the two natural gas wells KLU#3a and KLU#3b that are already in production; both natural gas wells have a daily pumping capacity of 29 million cubic feet.
Completion of well KLU#3c – which was originally planned for this year – is now scheduled for spring 2018. The daily pumping capacity will thus be increased by 50 to 70% and production will be served from three wells.