The Steig discovery sits in the Graben-Neudorf licence in the German state of Baden-Württemberg. Rhein Petroleum is operator with a 100% interest.

Steig is an oil accumulation that was discovered by Rhein Petroleum in 2019 by well Steig-1. The well drilled through the entire Tertiary section and found oil at both Meletta (“ME”) and the Pechelbronner-Schichten (“PBS”) stratigraphic levels. The ME reservoir flowed at ~60 stb/d and the PBS ~160 stb/d proving moveable hydrocarbons in these shallow reservoirs.

The independent CPR (SGS 2022) has assigned 2C net contingent resources of 1.62 mmbbls for the Meletta reservoir and 2C net prospective resources of 17 mmbbls for the deeper PBS reservoir. Below these oil-bearing zones sit above the Steig Deep prospect which has 2U prospective resource of 16 mmbbls in the new play in Triassic reservoirs demonstrated by the Römerberg field.

Rhein Petroleum’s first phase development plan is comprised of the Meletta sands and the deeper PBS can be appraised during this development programme. The development of these shallower reservoirs requires a water supply well which allows the testing of the Steig Deep prospect. The aim is that these programmes will be funded from the cashflow from Erfelden production.

The CPR describes Steig as a low-risk future development programme.