Dome Energy AB provides financial update on US operations Q4
Dome Energy AB. (herein after “Dome” and/or “the Company”) provides financial update on the US operations in Q4 2017 showing increased production and revenues up 44% compared to Q3 2017.
- Sales Oil & Gas: TUSD 2,451, which is up 44% from 1,708 in Q3.
- Production: 97,590 BOE for Q4, which is 31% higher than in Q3.
- Operating expenses: TUSD 1,441, which is 13% higher than in Q3. It includes one-off expenses of TUSD 258.
- G&A: TUSD 392, which is 20% higher than in Q3.
- EBITDA: TUSD -103. Adjusted for non-cash items and one-off events EBITDA is TUSD 1,019 for Q4.
Production figures (WI*):
|Oil in % of total production||58%|
(*WI) Working Interest calculated production, before taxes and royalties
Certain accruals have been made based on delayed revenue from non-operated assets. Numbers are unaudited and not consolidated with Dome Energy AB.
A producing asset, Kings Bayou in Louisiana, has been sold in February 2018, and the proceeds has been used to reduce internal bridge loans and bank debts with MUSD 3,3 in total. The sale is effective January 1, 2018 and will affect the cash flow and production for the first quarter.
Paul Morch, CEO: “It is with great pleasure that we can present our continued growth in our US operations. We saw our revenue increase some 44% for the quarter, and production was up 31%. As you can see from our oil/gas ratio, our increase in production comes mostly from oil products. With the recent refinancing and asset sales, we have reduced our loans by 12% and our balance sheet shows now a loan balance of MUSD 26.3 We are presenting all characteristics of improvement in operations and management, and we will continue our growth in the quarters to come.”
Marianne Brandt, CFO: “Our EBITDA has been presented also excluding non-cash items and one-off costs. We have in Q4, included an adjustment of TUSD 644, made to the opening balance 2017 of a US entity’s retained earnings, for revenue recognition of old revenue payables, which our auditors considered were no real debts. That adjustment is recorded as a revenue in Q4 2017 in our IFRS group accounts and same method is used in this report. We have also included one off costs in restarting several wells and fields, totaling TUSD 258 for the quarter. We chose to show this as it has had a noticeable impact on our increase in the reserve valuation.”
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 March 7, 2018, 14:30 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.