Dome Energy AB gives reserve update; Proven reserves value up 130%
Dome Energy AB. (herein after “Dome” and/or “the Company”) announces a large increase in its Oil and Gas reserves. A third-party engineering company has in a report valued Domes proven reserves at $124mm, which is up from $53mm at the end of 2016, with an addition of high quality probable reserves valued at $16mm. The reserve volumes have increased with 70% during the same period, from 4.5 MBOE to 7.6 MBOE.
Paul Mørch, CEO: “We are pleased to see that we have been able to achieve this large increase in reserves and value. A large portion of this value is coming from the Illinois Basin, where we believe we can continue to increase the valuation substantially. We have increased our leasehold and drilling location, and we hope to continuously develop this acreage. The current oil prices are supporting our current valuation, but only marginally.”
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 31, 2018, 8:45 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.