Loader
Tulip Oil Holding BV Quarterly Update Press Release 3Q-2020
1178
post-template-default,single,single-post,postid-1178,single-format-standard,bridge-core-1.0.4,ajax_fade,page_not_loaded,,qode_grid_1200,footer_responsive_adv,qode-theme-ver-18.0.9,qode-theme-tulip,qode_header_in_grid,wpb-js-composer js-comp-ver-5.7,vc_responsive,responsive-menu-pro-slide-right

Tulip Oil Holding BV Quarterly Update Press Release 3Q-2020

Tulip Oil Holding BV Quarterly Update Press Release 3Q-2020

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…

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 3Q-2020

Press Release

Tulip Oil Netherlands Offshore BV
13th of July, 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
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:

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.