Dome Energy gives operational update; Drilling program in Illinois Basin starts
Dome Energy AB. (herein after “Dome” and/or “the Company”) announces the commencement of a four well drilling program on leases secured earlier this year. Dome has partnered with several vendors with extensive knowledge in the Illinois Basin and expect a safe and successful drilling program. The four wells are targeting the Mississippian Carbonate section at a depth of 4,100 feet. The initial drilling program will delineate the recently purchased acreage in which all wells were fracture stimulated in the Mississippian section. After extensive geologic and engineering review of the existing assets and current technologies, Dome believes that each well will recover 60 MBO. After the drilling and completion of this initial drilling program, the Company will aim to prove up seven additional PUD locations (net three locations). Permits have been submitted to the Indiana Department of Natural Resources. Drilling of the Matz 11-1, 11-2, Walgrove 11-4, and Glaze Estate 11-10 will commence within 30 days.
Paul Morch, CEO: “We are excited to commence our drilling program. This is the first hydro fracturing program we will enter, and the results of these wells can prove up to 27 continuous drilling locations on our acreage. The well economics is expected to be similar to our Orange wells, with each well producing more than 50,000 barrels in its lifetime, and drilling costs at around $500,000 per well. We are reviewing acquisition of additional acreage in the area, but want to see the drilling results before making any decisions. We will continuously update the market with info throughout the drilling program.”
For further information, please contact:
Paul Morch
Phone: +1 713 385 4104
E-mail: pm@domeenergy.com
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 August 14, 2017, 09.45 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.
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