Rhein Petroleum GmbH – in which Tulip Oil Holding B.V. holds a 90% interest – is proceeding with operations to plug and abandon its exploration well Hofwiese – 1 located close to the town of Graben-Neudorf in the German federal state of Baden Württemberg.
The well was spudded on 23 June 2016 and reached the planned target timely and safely. However, the objective geological formations at 1800 m below surface were found water-bearing.
The rig was relocated after partial abandonment of the well. Final abandonment including a complete restoration and reforestation in close consultation with authorities and the host community Graben-Neudorf will follow in the coming months.
While further drilling prospects are being matured, production testing operations have begun in Rhein Petroleum’s Mindelheim asset in Bavaria. The operation is run by Rhein Petroleum’s joint venture partner Wintershall. Also, extended production testing opertions continue in Rhein Petroleum’s Schwarzbach field in the upper Rhine valley.
About Rhein Petroleum GmbH
Rhein Petroleum GmbH is a young German company based in Heidelberg. The operations are focused on exploration and exploitation of new and already known oil and gas fields in Southern Germany and the Upper Rhine Graben. The highly qualified and internationally experienced staff operates with state of the art drilling, security and environmental protection technologies. The company is majority owned (90%) by Dutch based Tulip Oil Holding. Deutsche Rohstoff AG, founder of Rhein Petroleum, holds a minority stake of ten percent.