DOME ENERGY PRESENTS INTERIM REPORT FOR JANUARY-JUNE 2018
FIRST HALF-YEAR
- Revenue from oil & gas production incl. realized derivatives of $4,615’ (3,721’).
- Effect from unrealized derivatives -$1,115’ (18’).
- Gross result from production incl. realized hedges $2,030’ (1,241’) with a margin of 44% (33%).
- EBITDA -$3,158’ (1,434’).
- EBITDA for US operations adjusted for unrealized derivatives amounted to -$1 494’ (2,397’).
- Net result of -$6,182’ (-3,744’).
- Earnings per share -$0.02 (-0.03).
SIGNIFICANT EVENTS DURING THE HALF-YEAR
- An extraordinary shareholders meeting was held on February 1, 2018 and it was decided to issue 129,793,793 shares and to issue 129,793,793 shares warrants through set-off and to adopt new articles of association with a higher number of shares. Debts, at a booked value of M$10.7, were set off.
- Dome Energy started its second drilling program in the Illinois Basin. This new program was scheduled to include six new drilled wells; to be drilled back to back. Result of the wells are positive.
- Dome Energy reported the sale of non-core assets and entered into an agreement and sold its interest in one producing well in Louisiana. All proceeds for development in the Illinois Basin and down payment on debt.
- Dome Energy renegotiated the bank facility on February 14, 2018 and restructured its short-term debt.
- The Annual Shareholders meeting was held on June 20, 2018 and Knut Pousette was elected new board member. It was also decided to do a reverse split 1:50 and therefore adopt new articles of association with a lower number of shares.
SUBSEQUENT EVENTS AFTER CLOSING OF THE PERIOD
- New ISIN-code for the share is SE0011415710.
- The reverse split was executed during July 2018.
- Dome Energy has informed that work has commenced on the first location for the fall drilling program.
- Dome Energy entered into loan agreements of up to MSEK 46 and resolves on issue of 1,226,667 warrants with derogation from shareholders pre-emptive right conditional on approval by an extraordinary general meeting, to allow to allow large drilling program.
- Due to bank covenant review using a trailing 12-month method, some of the covenants with Mutual of Omaha Bank were broken on June 30, 2018 and therefor the debt is stated as current debt. These issues have been resolved with the lender.
FINANCIAL KEY RATIOS
| USD Thousand | 1st half | 1st half | FY | |
| 2018 | 2017 | 2017 | ||
| Revenues from oil and gas sales incl. realized derivatives | 4 615 | 3 721 | 7 952 | |
| Value change in unrealized derivatives | -1 115 | 18 | -307 | |
| Gross profit from oil & gas operations incl. realized derivatives | 2 030 | 1 241 | 2 744 | |
| Gross margin, % | 44% | 33% | 35% | |
| EBITDA | -3 158 | 1 434 | 681 | |
| EBITDA for the US oil operation (adjusted for unrealized derivatives) | -1 494 | 2 397 | 2 479 | |
| EBIT | -5 346 | -2 595 | 18 784 | |
| EBT | -6 180 | -3 744 | 15 954 | |
| Net result | -6 182 | -3 744 | 15 902 | |
| EPS (in US$) | -0.02 | -0.03 | 0.09 | |
| Production (net boepd) | 755 | 794 | 762 |
For further information, please contact:
Pål Mørch, CEO
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 31, 2018 08.30 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 and gas reserves in the United States. For more information visit www.domeenergy.com.
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