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DEUTSCHE ROHSTOFF AG

(DR0)
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DGAP-Adhoc: Deutsche Rohstoff AG: Strong growth in 2022

09/16/2021 | 04:10am EDT

DGAP-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Change in Forecast Deutsche Rohstoff AG: Strong growth in 2022 16-Sep-2021 / 10:08 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Deutsche Rohstoff AG: Strong growth in 2022 2022 guidance raised/Revenue of EUR 100 million possible/EBITDA +46%.

Mannheim. Due to the recently announced acquisition by Cub Creek, additional production from Bright Rock in Utah, higher natural gas prices and other effects, Deutsche Rohstoff AG is adjusting its revenue and EBITDA guidance in the coming year as follows:

- Group revenue: EUR 98 to 106 million (previously EUR 70 to 75 million).

- EBITDA: EUR 70 to 76 million (previously EUR 47 to 52 million)

The guidance continues to be based on an expected average oil price of USD 60/barrel for the full year 2022 and a slightly higher gas price (Henry Hub) of USD 3.0/mcf (previously USD 2.75). The EUR/USD exchange rate is assumed to be 1.20 (previously 1.22).

For 2021, the Executive Board expects revenue and EBITDA to be in the upper range of the guidance raised in July (sales EUR 68 to 73 million; EBITDA EUR 57 to 62 million).

For the definition of EBITDA, please refer to the Deutsche Rohstoff AG homepage at https://rohstoff.de/en/apm/.

Mannheim, 16 September 2021

Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de

Contact Deutsche Rohstoff AG Dr. Thomas Gutschlag, CEO Phone +49 621 490 817 0 info@rohstoff.de

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Information and Explanation of the Issuer to this News:

Explanatory Notes:

The prices for oil and gas assumed for the forecast are significantly below current prices. Assuming an oil price of USD 70/barrel for the full year 2022 and a gas price of USD 4/mcf, the Group's expected revenue increases to EUR 114 to 122 million and EBITDA to EUR 85 to 91 million.

In 2022, oil and gas production in the Group is expected to increase from approximately 7,500 BOEPD (basis of current forecast) to approximately 10,000 BOEPD.

In Colorado (Group companies Cub Creek Energy and Elster Oil & Gas), which is currently the largest contributor to sales and earnings, the Knight well site will be put into production in the fourth quarter. Part of the production originally planned for 2021, which will generate sales of around EUR 5 million, is not expected to be realized until 2022. The well site contributes significantly to the growth assumed for 2022. For 2021, average daily production in Colorado will be around 5,700 BOE. In 2022, it will increase to approximately 8,000 BOEPD. No additional wells are currently planned to be drilled in Colorado following completion of the Knight wells.

Production in the Uinta Basin in Utah is contributing to total production at an increasing rate. Bright Rock Energy, a group company formed in mid-2018, will produce approximately 1,500 BOE per day in the first quarter of 2022, an increase of approximately 600% from the first quarter of 2021. At the end of 2021, the company will have an economic interest of 3.2% in 134 producing wells. Full year 2022 production is expected to be 1000 BOEPD, 250% above 2021 production.

With the recently announced acquisition (September 3, 2021), which is expected to close in October, Deutsche Rohstoff Group's existing production in Wyoming will increase from 160 BOEPD in 2021 to approximately 600 BOEPD in 2022. This does not include the well Bright Rock is currently drilling in Wyoming, which will begin production in the fourth quarter of 2021. It is expected to bring a further production increase of around 250 boepd in 2022.

Further high potential is opening up on the approximately 60,000 net acres (242 km2) held jointly by Bright Rock and Cub Creek in the Powder River Basin, a field that is also increasingly being developed by many large companies. In the medium term, 100-200 net wells could be possible. Accelerated development with a large number of wells could start from around mid-2022 and drive the Group's growth, especially from 2023 onwards.

Thomas Gutschlag, CEO of Deutsche Rohstoff AG, commented, 'With the increasing volumes we will be producing in Utah and Wyoming, we are accelerating our long-term growth. The new acreage will further increase our reserves. In the past 10 years since entering the U.S. market, we have drilled approximately USD350 million in wells. Wyoming opens up an investment potential several times that size. The state is also one of the most favorable in the U.S. in terms of regulation.'

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16-Sep-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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Language:     English 
Company:      Deutsche Rohstoff AG 
              Q7, 24 
              68161 Mannheim 
              Germany 
Phone:        0621 490 817 0 
Fax:          0621 490 817 22 
E-mail:       gutschlag@rohstoff.de 
Internet:     www.rohstoff.de 
ISIN:         DE000A0XYG76, DE000A1R07G4, 
WKN:          A0XYG7, A1R07G 
Indices:      Scale 30 
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, 
              Stuttgart, Tradegate Exchange 
EQS News ID:  1233804 
 
End of Announcement  DGAP News Service 
=------------ 

1233804 16-Sep-2021 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1233804&application_name=news

(END) Dow Jones Newswires

September 16, 2021 04:09 ET (08:09 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.23% 0.5423 Delayed Quote.-3.77%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.38% 0.588305 Delayed Quote.1.86%
DEUTSCHE ROHSTOFF AG 0.81% 25 Delayed Quote.194.12%
EURO / BRITISH POUND (EUR/GBP) -0.09% 0.8462 Delayed Quote.-5.64%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.12% 0.009699 Delayed Quote.-3.32%
LONDON BRENT OIL 1.41% 85.7 Delayed Quote.63.93%
US DOLLAR / BRITISH POUND (USD/GBP) -0.05% 0.72685 Delayed Quote.-0.85%
WTI 2.23% 84.151 Delayed Quote.70.78%
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Sales 2021 70,9 M 82,5 M 82,5 M
Net income 2021 - - -
Net Debt 2021 104 M 121 M 121 M
P/E ratio 2021 -
Yield 2021 2,80%
Capitalization 124 M 144 M 144 M
EV / Sales 2021 3,22x
EV / Sales 2022 1,51x
Nbr of Employees 25
Free-Float 87,4%
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Number of Analysts 1
Last Close Price 25,00 €
Average target price 28,00 €
Spread / Average Target 12,0%
Managers and Directors
Thomas Gutschlag Chief Executive Officer
Jan-Philipp Weitz Chief Financial Officer
Martin Billhardt Chairman-Supervisory Board
Gregor Borg Member-Supervisory Board
Wolfgang Seybold Member-Supervisory Board
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