DEA at a Glance

Established in Germany in 1899, DEA Deutsche Erdoel AG (“DEA”) is an international exploration and production company producing natural gas and crude oil, with a regional focus on Northwestern Europe and with selective investments in North Africa. Headquartered in Hamburg, Germany.

The company holds 2P reserves of 667mmboe as of 2016YE. For the six month ended June-17, DEA produced an average of 134kboe/d, generated revenues of EUR757m, EBITDAX of EUR486m and had net debt/EBITDAX of 1.86x.

DEA is wholly owned by LetterOne, a private Luxembourg-based investment vehicle and was acquired in March 2015 from RWE for a consideration of USD5.5 bn.

Recent Developments

DEA pursued its growth strategy with acquisitions in Norway and executing key organic growth projects

  • End of March 2017, West Nile Delta first gas was achieved
  • In March 2017, DEA sanctioned the development of the Njord area
  • Early January 2017, DEA increased its share in the Dvalin development project to 55%, taking over 10% from Maersk Oil and another 5% from Edison
  • In December 2016, DEA acquired participating interest in seven licenses from Engie E&P Norge AS, including 20% increased interest in the Njord field
  • In October 2016, DEA sanctioned its first operated field development in Norway, Dvalin

In addition, DEA has continued to optimise its capital structure:

  • In June 2017, Moody’s assigned Ba3 corporate family rating to DEA Group*
  • In October 2016, DEA issued its debut €400m Senior Unsecured Notes due in 2022
  • In September 2016, DEA received its inaugural ratings of BB- by S&P and BB by Fitch

Looking Ahead

  • Production of Reggane Nord (Algeria) is expected to commence in H2 2017
  • DEA will continue to manage its asset portfolio to achieve an optimal balance of growth and cash flow generation
  • Execute the development of DEA’s growth assets, including Dvalin & Njord Area

DEA Strategy

  • Grow production and execute key projects
  • Increase company value through balanced organic & inorganic growth
  • Focus on costs and capital efficiency
  • Deliver high QHSE standards and sustainability of operations

Reserves (WI)

Germany/Denmark Norway Egypt/Algeria
132 mmboe 300 mmboe 235 mmboe

Production (WI):

Germany/Denmark Norway Egypt/Algeria
38 kboe/d 61 kboe/d 35 kboe/d

Germany & Denmark

Largest oil producer in Germany with total oil and gas production(1) of 36kboe/d. Key assets include: Mittelplate/Dieksand (50% WI) – largest oil field in Germany, Völkersen (100% WI) – second largest gas field in Germany

Norway

Over 40 years of track record with 61kboe/d of production(1). Key assets include: Skarv (28.1% WI), Snorre (8.57% WI), Dvalin (55% WI)

Egypt & Algeria

Presence of over 40 years in Egypt with 35kboe/d of production(1). Key assets in Egypt and Algeria include: West Nile Delta (17.25% WI), Disouq (100% WI), and Reggane (19.5% WI)

 

*Incl. L1E Finance GmbH & Co KG and its subsidiaries