Monday 18 January 2021

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.

Q10-A development by Tulip Oil Netherlands Offshore*

Production was shut in entirely until October 13 to allow for scheduled maintenance of the neighboring P15 platform. Since November, production has benefitted from the successful deployment of the available compression facilities on P15. The Q10-A field produced 142 million standard cubic meters of gas during Q4, compared to 59 million standard cubic meters in Q3. The average realized gas price during Q4 was 14.9 €/MWh and the average realized gas price during Q3 was 6.1 €/MWh.

The Company has taken FID on one completion of an unfinished well and one side-track with the objective of adding further production from the Q10-A field from H2 2021 onwards. The Company is evaluating an additional temporary appraisal side-track to test the productivity of the proven Vlieland oil formation in the Q7/Q10a license. Meanwhile, the Company continues to mature the field life extension project for additional reserves and long term opex reductions.

New drilling by Tulip Oil Netherlands Offshore*

The Company has started to evaluate rig availability for the drilling of two discovered gas fields in the vicinity of the producing Q10-A field. These targeted reservoirs have been drilled historically and flowed gas to surface, similar to Q10-A before its 2015 appraisal well. Each field has a field development plan that was previously completed. Both of these plans follow the same approach as the successful low capex appraisal and development of Q10-A with subsequent low cost production and one of the lowest carbon footprints in the industry.

Onshore German oil development ‘Steig’ in Rhein Petroleum**

Permitting, reservoir evaluations and front-end engineering are being continued. The Company has started with further detailing phase 1 of the phased development plan for the Steig field.