Deutsche Rohstoff's (DR0) main focus is the development of oil and gas production in the US. At end FY18, DR0 held interests in 44 operated horizontal wells and 40 non-operated wells in Colorado, with minor interests in numerous wells in North Dakota and Utah. DR0 almost doubled production from 5.1kboed in FY17 to 9.6kboed in FY18. A c $60m drilling campaign was initiated in Q219 at Cub Creek, Colorado. FY18 was marked by the $59.6m sale of Salt Creek, delivering c 40% ROIC. DR0's management sees a point of inflexion in the metals unit, with Almonty Industries (12.8% stake) generating a profit in for the nine months ended 30 June 2019 and nearing Sangdong mine financing. Management guides to FY19 sales of €40-50m and EBITDA of €25-35m, lower than FY18, mainly due to natural well depletion and new investments expected to come online in early 2020. For FY20, it guides sales of €75-85m and EBITDA of €55-65m.Den vollständigen Artikel lesen ...