OVERVIEW Germany is the eighth largest producer of oil and gas in Europe. The oil & gas industry in Germany has been in existence since 1860, when the first oil discovery was made at Wietze in Lower Saxony. Prior to the development of the North Sea, Germany’s oil & gas reserves were by far the largest in Western Europe. Today, Germany is primarily a gas producing country, with almost all production onshore.1 Onshore Germany, there are three main producing areas; the Permian Basin in the north with production from the Rotliegendes and Zechstein Formations; Rhein River Valley, with production from Oligocene sandstone reservoirs; and the Molasse Basin in the south, with production mainly from Eocene and Oligocene sandstone reservoirs. LRG has a presence in all three areas. In 2024, Germany had oil reserves of 22.8 million tons (about 166 mmbbls). This was a decrease compared to 23.8 million tons (about 173 mmbbls) the year before. Figures fluctuated during the time period under consideration, but generally decreased in recent years.2 Crude oil production in Germany increased to 32,000 bpd in September from 31,000 bpd in August of 2024. Crude oil production in Germany averaged 52,950 bpd from 1994 until 2024, reaching an all-time high of 79,000 bpd in June of 2005 and a record low of 22,000 bpd in April of 2024.3 Meanwhile, Germany’s natural gas demand rose by 3.3 per cent in 2024, due to lower prices compared to last year, preliminary estimates by the association of the German utilities, BDEW. Despite subdued economic growth, the German industry raised its natural gas consumption in 2024 from very low levels seen in 2023, the industry group said. Natural gas sales to the industry rose by 5.8 per cent in 2024 from a year earlier, and sales for gas-fired power generation increased by 1.9 per cent, BDEW said.4 1 Wood Mackenzie, Germany upstream summary report, 1 October 2024 2 Statista Research Department, Oil reserves in Germany 1996 – 2024, 11 July 2024 3 Trading Economics / U.S. Energy Information Administration, Germany Crude Oil Production 4 Oil Price, Germany’s Natural Gas Consumption Rose by 3.3% in 2024, 18 December 2024 1 ton = 7.28 barrels mmbbls: millions of barrels bpd: barrels per day Lime Resources Germany GmbH (“LRG”), a wholly-owned subsidiary of Lime Petroleum Holding AS (“LPH”), owns certain assets in the Rhein River valley in Germany, including the Schwarzbach oil field south of Frankfurt. Separately, LPH signed a heads of agreement with Genexco on an option for the Reudnitz gas field in October 2024. The Reudnitz gas field is a large undeveloped gas accumulation discovered in 1964 south of Berlin. Pending the results of a workover and test of the Reudnitz Z2a well (drilled in 2014), LPH will decide whether or not to exercise the option and become operator of the licence, eyeing a gas development with production commencing in 2026. GERMANY 3 2 Annual Report 2024
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