Moody’s assigns Ba3 corporate family rating to DEA Group*; stable outlook

Moody’s Investors Service has assigned Ba3 corporate family rating with stable outlook to L1E Finance GmbH & Co KG. Additionally, it has assigned Ba3 rating to DEA Group’s senior unsecured notes.

Dmitry Avdeev, CFO of DEA Deutsche Erdoel AG, says: “We are pleased to see that Moody’s shares our view of DEA’s credit strengths, as we continue to execute our strategy whilst maintaining a robust balance sheet and a strong liquidity position."

For further information:

Aleksander Azarnov                                                
Head of Structured Finance and Investor Relations   
T +49 40 6375 2856                                                  
M +49 162 273 2856                                                 
E [email protected]                     

Olaf Mager
Head of External Communications
T +49 40 6375 2877
M +49 162 273 2877
E [email protected]

Background information

DEA Deutsche Erdoel AG, together with its subsidiaries (“DEA”), is an international independent crude oil and natural gas company with full lifecycle capabilities across exploration, development and production. DEA has proved and probable reserves of 667 million barrels of oil equivalents (MMboe) as at 1 January 2017.

DEA’s focus is on safe, sustainable and environmental conscious exploitation of oil and gas. DEA has 118 years of experience working along the whole upstream value-chain as operator or project partner. With a staff force of around 1,150 employees, DEA has stakes in production facilities and concessions in, among others, Germany, Norway, Denmark, Egypt and Algeria.

* For purposes of the Senior Notes due 2022 issued by DEA Finance SA, the DEA Group consists of L1E Finance GmbH & Co KG and its subsidiaries, including DEA. Pursuant to the indenture governing the Notes, the DEA Group is required to report the consolidated financial accounts of L1E Finance GmbH & Co KG.