Deutsche Rohstoff: First oil in place estimate for Rhein Petroleum's Steig discovery

Mannheim. Tulip Oil, majority shareholder of Rhein Petroleum GmbH, today published a first estimate of how much oil the Steig field could contain according to internal calculations. According to this, the so-called Oil in Place, i.e. the amount of oil in the reservoir identified by last year's test well, amounts to more than 114 million barrel of oil. The economically recoverable quantities will be estimated in the coming months as part of a reserve calculation.

The current estimate refers only to the upper part of the reservoir, which was explored by the Steig well. Further potential could arise in deeper layers that are productive elsewhere in the Rhine Graben.

Tulip Oil has also announced that the Steig field will be developed in several phases. In the first phase, production will start and at the same time the field will be further developed by means of horizontal drilling.

Mannheim, 20 January 2020

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