• 2018 drilling season off to a successful start in Alaska
• Two new wells for increased production capacity
• Local team expanded
Luxembourg, 2 August 2018: The 2018 drilling season has got off to a successful start for the Deutsche Oel & Gas Group. After securing additional financing from US investor Energy Capital Partners, the Group aims to fully implement its exploration plan for 2018 over the coming months, focusing on the "Kitchen Lights Unit" development region in the Cook Inlet.
Top priorities on the agenda are the completion and commissioning of wells KLU#3c and KLU#3d. Deutsche Oel & Gas expects to be producing natural gas from four wells from November 2018 onwards. "The implementation of the 2018 exploration plan will significantly increase our production volume", says Kay Rieck, Chairman of the Board of Directors of Deutsche Oel & Gas S.A. "We have already secured contracts for the sale of these additional volumes with local and national gas suppliers in Alaska".
Forecasts for the next few years look promising, too: A recent study by the Petrotechnical Resources of Alaska consulting company shows that demand for gas in the Cook Inlet is expected to continue to increase until 2021, exceeding current production capacity by a wide margin. "Deutsche Oel & Gas S.A. is ideally positioned to meet this rising demand", continues Kay Rieck. "At the moment, we are one of the few companies in the region actually investing in expanding our capacity".
To ensure the successful implementation of the planned actions, the local Deutsche Oel & Gas Group team has been expanded. As part of this expansion drive, experienced geophysicist and oil industry expert Scott Pinsonnault joined as the company's new Chief Operating Officer at the start of the year.