Dome Energy AB gives financial update; Sale of non-core assets provides proceeds of MSEK 28
Dome Energy AB. (herein after “Dome” and/or “the Company”) reports the sale of non-core assets, and receives SEK 28,000,000 in net proceeds. Dome has entered into an agreement to sell its interest in one producing well in Louisiana. The sale will result in a reduction of around 65 BOEPD production, and all proceeds will be used for down payment on debt.
Paul Morch, CEO: “We are happy to have negotiated a good price for the sale of this asset. Recent oil price movements have allowed a higher valuation than we have recently seen, and we felt it was the right time to sell. This is a high value well, with relatively low production, and we have several of these assets in our portfolio. We are considering all our non-operated assets to be non-core, and we are entertaining other offers to further reduce debt. We are following a development program in the Illinois Basin, which will continue to increase our company’s production. This production is by far the most economical we have, and is therefore our core area of focus right now.”
For further information, please contact:
Phone: +1 713 385 4104
This information is the kind of information that Dome Energy AB (publ) is obliged to publicize according to EU Market Abuse Regulations (MAR). The information was publicized, by the above contact person January 19, 2018, 08:45 CET.
About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on the Nasdaq First North exchange in Sweden (Ticker: DOME). Mangold Fondkommission AB, phone: +46 8 503 01 550, is the Company’s Certified Adviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production of existing onshore Oil & Gas reserves in the United States. For more information visit www.domeenergy.com.