Dome Energy AB provides financial update on US operations Q3 and production for October and November 2017
Dome Energy AB. (herein after “Dome” and/or “the Company”) provides financial update on the US operations in Q3 2017 showing stable production and revenues up 7% compared to Q2 2017.
- Sales Oil & Gas: TUSD 1,708, which is up 7% from 1,591 in Q2
- Operating expenses: TUSD 1,276, which is in line with Q2
- G&A: TUSD 328, which is 25% less than in Q2
- EBITDA: TUSD 362, which is in line with the 369 in Q2
Production figures (WI*):
|Oil in % of total production||35.5%||39.8%||49.8%|
(*WI) Working Interest calculated production, before taxes and royalties
The production in Q3 does not include any new production in the Illinois Basin. Certain accruals have been made based on delayed revenue from non-operated assets. Numbers are unaudited and not consolidated with Dome Energy AB.
Paul Morch, CEO: “Our third quarter was pretty much a flat quarter as we have been focused on our drilling program in the Illinois Basin. The new wells started production late October, and through the first weeks of November. Our product mix becomes more weighted towards oil, which is a lot more profitable with current energy pricing. We expect a boost in EBITDA during the fourth quarter, as both production and oil prices are rising. We have hedged sales of 4,000 barrels of oil per month through 2018 at $55.10 per barrel. As we drill more wells, and see continued production increase in Illinois Basin, we aim to add more hedges. We are in the process of securing financing to continuously drill our inventory 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 December 4, 2017, 8:30 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.