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Tulip Oil Provides Quarterly Update

Source: www.gulfoilandgas.com 7/13/2020, Location: Europe

Tulip Oil Holding B.V. is pleased to announce the latest quarterly update on its oil and gas exploration and production businesses in the Netherlands and Germany.

COVID-19

As reported previously, the Tulip Oil Group and its business partners have taken measures in response to the COVID-19 outbreak, including provisions for business continuity and a reduction in expenditure levels. The Group has experienced no business interruptions as a result of COVID-19. Staff have been working intermittently in the office and from home consistent with prevailing guidelines.

Q10-A development by Tulip Oil Netherlands Offshore*

The production of the Q10-A field has been partially reduced to “leave gas in the ground” in view of the current low gas prices. As such, in Q2, 119 million standard cubic meters of gas have been produced, compared with 198 million standard cubic meters in Q1. The average realized gas price was 5.6 €/MWh during Q2 compared with 9.9 €/MWh in the previous quarter.

Production is being maintained at some 1 million cubic meters of gas per day. The Q10-A field continues to generate strong EBITDA margins at these reduced production levels. The reservoir models have been calibrated and preparations continue for 2 additional future Q10 wells. Steps are also being taken to increase production capacity substantially by activating existing third-party compression facilities. Spare production capacity is being managed in conjunction with the gas price outlook.

New drilling by Tulip Oil Netherlands Offshore*

Tulip Oil continues to mature additional new drilling targets predominantly to appraise reservoirs near the producing Q10-A field. These targeted reservoirs have been drilled historically and flowed gas to surface, similar to Q10 before the 2015 “discovery” well.

Onshore German oil development ‘Steig’ in Rhein Petroleum**

The front-end engineering and permitting for the phased development of the Steig field continues. Seismic data has been reprocessed and used to build a new static model. The latest management view is that the Steig field has 106 mmbbl oil in place (STOIIP) based on the updated static modelling.

Notes to the Editor:

Tulip Oil Holding B.V. is a privately-held exploration and production operator based in The Hague. The Company operates assets in both the Netherlands and in Germany and is owned by funds advised by GNRI, management and staff.

* Tulip Oil Netherlands Offshore B.V. (‘TONO’) is a 100% subsidiary of Tulip Oil. TONO holds a 60% interest in the production licenses Q07/Q10a and the exploration licenses Q10b, Q08 and Q11. TONO is the operator. Energie Beheer Nederland B.V. (EBN) holds a 40% interest.

The Q10-A gas field was discovered in 2015 and lies 20km offshore the Netherlands in a shallow 21m water environment. The Q10-A development comprises an unmanned platform with six well-slots. Gas is produced through a 42km pipeline to the P15d platform from which it is transported to shore.

** Tulip Oil owns a 90% interest in Rhein Petroleum GmBH which in turn owns and operates a 100% interest in the Graben-Neudorf licence of the Steig-1 well and other licenses.

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