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Tulip Oil Holding BV Quarterly Update Press Release 2Q-2020
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Tulip Oil Holding BV Quarterly Update Press Release 2Q-2020

Tulip Oil Holding BV Quarterly Update Press Release 2Q-2020

COVID-19
The Tulip Oil Group and its business partners have taken measures in response to the COVID-
19 outbreak including provisions for business continuity. The Group has experienced no
business interruptions and staff are largely working from home…

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 2Q-2020

Press Release

Tulip Oil Netherlands Offshore BV
16th of April, 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.

COVID-19
The Tulip Oil Group and its business partners have taken measures in response to the COVID-
19 outbreak including provisions for business continuity. The Group has experienced no
business interruptions and staff are largely working from home. In light of the current low
oil and gas prices as well as the COVID-19 pandemic, capital and operating expenditures have
been reduced and are further being reviewed. With an average unit production cost under
10 $/BOE (incl. G&A), the Tulip Oil Group continues to generate strong margins despite the
low prices.

Q10-A development by Tulip Oil Netherlands Offshore*
The Q10-A field produced 198 million standard cubic meters of gas during Q1, reflecting the
natural pre-compression decline from 258 million standard cubic meters in Q4 of last year.
The average realized gas price was 9.9 €/MWh during Q1 compared with 12.4 €/MWh in the
previous quarter.
Production continues from all 4 wells and the calibration of the reservoir models is being
progressed in preparation for 2 additional future Q10 wells. Steps are also being taken to
enable compression for an increase in daily production at the appropriate time.

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**
A phased development plan for Steig is being progressed and optimized. Static and dynamic
reservoir models are under development. The project has been sanctioned to commence
front-end engineering and permitting.

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.