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Tulip Oil Holding BV Quarterly Update Press Release
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Tulip Oil Holding BV Quarterly Update Press Release

Tulip Oil Holding BV Quarterly Update Press Release

Q10-A development by Tulip Oil Netherlands Offshore*
The Q10-A field produced 258 million standard cubic meters of gas during Q4, compared to
203 million standard cubic meters in Q3.

This is not intended for release, publication or distribution, directly or indirectly, in or into, the united states of america or any jurisdiction or country where such distribution or use would be contrary to local law or regulation or which would require any registration or licensing within such jurisdiction.
Download PDF: Tulip Oil Holding BV Quarterly Update Press Release

Press Release

Tulip Oil Netherlands Offshore BV
20th of January, 2020

Tulip Oil Quarterly Update

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

Q10-A development by Tulip Oil Netherlands Offshore*
The Q10-A field produced 258 million standard cubic meters of gas during Q4, compared to
203 million standard cubic meters in Q3. The average realized gas price during Q4 was 12.4
€/MWh and the average realized gas price during Q3 was 10.4 €/MWh.
The data from all drilled wells is being used to calibrate the reservoir models. Production
continues from 4 wells and plans for 2 further wells are in progress.

New drilling by Tulip Oil Netherlands Offshore*
Conceptual field development plans have been drafted for additional drilling targets near the
producing Q10-A field. These targets consist predominantly of reservoirs that 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**
A phased development concept has been selected for Steig, with combined initial production
and further appraisal using horizontal wells. Static and dynamic reservoir models are being
built. The Company’s latest is view is that Steig has in excess of 114 mmbbl oil in place
(STOIIP).

Notes to the Editor:

THIS IS NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA OR ANY JURISDICTION OR
COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW
OR REGULATION OR WHICH WOULD REQUIRE ANY REGISTRATION OR LICENSING
WITHIN SUCH JURISDICTION

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.

Tulip Oil issues quarterly updates.

Contact Details:
Email: info@tulipoil.com
Telephone: + 31707470300

Forward-looking Statements
Certain statements included in this announcement contain forward-looking information. By
their nature, forward-looking statements involve uncertainty because they depend on future
circumstances, and relate to events, not all of which are within Tulip Oil’s control or can be
predicted by Tulip Oil. Although Tulip Oil believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Actual results could differ materially from
those set out in the forward-looking statements. Any forward-looking statements made
herein by or on behalf of Tulip Oil speak only as of the date they are made and Tulip Oil
expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this announcement to reflect any
changes in its expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.