Dome Energy adds more than 100 drilling locations in the Illinois basin
Dome Energy AB (publ) (herein after “Dome” and/or “the Company”) has recently signed leases and contracts adding more than 2000 acres of mineral rights. The additional acreage supports more than 100 drilling locations, with a mix of proven, probable and possible reserves. Each potential well is believed to have a total production of 45,000-75,000 barrels.
Paul Morch, CEO: “We are very happy to be able to close contracts with local oil producers and farmers to take our total inventory to more than 150 future wells in the basin. We have now more than 70 top tier locations, with very limited drilling risk, and the rest with a mid-risk characteristic. All leases have been paid for with our own cash flow.
We have drilled 10 wells in the last six months, which all have been economically successful, and we hope to continue to drill our acreage aggressively. Current oil prices show that we get our total drilling cost back within the first year of production, with some wells looking to pay out in seven to eight months.”
For further information, please contact:
Paul Morch, CEO
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 May 8, 2018, 16:10 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