Dome Energy AB gives operational update; Second drilling program in Illinois Basin starts
Dome Energy AB. (herein after “Dome” and/or “the Company”) announces the start-up of its second drilling program in the Illinois Basin. This current program is scheduled to include six new drilled wells; to be drilled back to back. The first well to be drilled is Glaze 11-11, with a target depth of 4,100 feet and the drilling is expected to start this week. Weather is challenging, and can result in delays for the program. Each well is expected to cost around $575,000, and produce some 60,000 barrels of oil through its lifetime. Payback time on investment is less than two years. The program is scheduled to be funded by the Company’s proposed increase in bank facility, as well as cash flow from operations.
Paul Morch, CEO: “We are happy to commence drilling operations in the Illinois Basin again. Based on our previously drilled four wells, we are optimistic about the result we continue to see in our program. We have a large development inventory in Dome today, but this is by far the lowest risk. This combined with the current oil prices, gives us the possibility of expanding quickly on our development inventory. We hope to reach a level of cash flow, where we can continuously drill wells in the basin.”
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 17, 2018, 16:30 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.