DOME ENERGY PRESENTS INTERIM REPORT FOR JULY-DECEMBER 2018
SECOND HALF-YEAR
- Revenue from oil & gas production incl. realized derivatives $5,015’ (4,245’).
- Effect from unrealized derivatives of $1 947’ (-338).
- Gross result from production incl. realized derivatives $2,710’ (1,511’) with a margin of 54% (36%).
- EBITDA of $1,405’ (-839’).
- EBITDA for US operations adj. for unrealized derivatives amounted -$5’ (- 9’).
- Net result of -$11,840’ (20,543’).
- Earnings per share -$1.60 (4.38).
FULL YEAR
- Revenue from oil & gas production incl. realized derivatives $9,639’ (7,952’).
- Effect from unrealized derivatives of $940’ (-307).
- Gross result from production incl. realized derivatives $4,761’ (2,744’) with a margin of 49% (35%).
- EBITDA of -$1,591’ ($681’).
- EBITDA for US operations adj. for unrealized derivatives amounted to -$1,446’ (2,479’).
- Net result of -$18,211’ (15,902’).
- Earnings per share -$2.57 (4.31).
SIGNIFICANT EVENTS DURING THE SECOND HALF-YEAR
- New ISIN-code for the share is SE0011415710.
- The reverse split 1:50 was executed during July 2018.
- Dome Energy has informed that work has commenced on the first location for the fall drilling program.
- Dome Energy entered into loan agreements of up to MSEK 46 and resolves on issue of 1,226,667 warrants with derogation from shareholders pre-emptive right conditional on approval by an extraordinary general meeting, to allow to allow large drilling program.
- Dome Energy divested non-core assets and initiated cost cutting programs throughout the organization.
- The production during second half year was in line with expectations. During the later part the production increased and was a bit over the expectation and the large production increase is due to the first two wells of our fall drilling program coming online.
- The net loss is due to impairments we have done to our reserve base for 2018, partly due to lower oil prices, but also adjusting assets to be closer to “fair market value”.
SUBSEQUENT EVENTS AFTER CLOSING OF THE PERIOD
- The January production was lower than expectations, due to poor weather conditions which also affected the completions on newly drilled wells that have been delayed.
FINANCIAL KEY RATIOS
| USD Thousand | 2nd half | 2nd half | FY | FY |
| 2018 | 2017 | 2018 | 2017 | |
| Revenues from oil and gas sales incl. realized derivatives | 5 015 | 4 245 | 9 639 | 7 952 |
| Value change in unrealized derivatives | 1 947 | -338 | 940 | -307 |
| Gross profit from oil & gas operations incl. realized derivatives | 2 710 | 1 511 | 4 761 | 2 744 |
| Gross margin, % | 54% | 36% | 49% | 35% |
| EBITDA | 1 405 | -839 | -1 591 | 681 |
| EBITDA for the US oil operation (adjusted for unrealized derivatives) | -5 | -9 | -1 446 | 2 479 |
| EBIT | -11 312 | 22 296 | -16 860 | 18 784 |
| EBT | -11 528 | 20 596 | -17 887 | 15 954 |
| Net result | -11 840 | 20 543 | -18 211 | 15 902 |
| EPS (in US$) | -1.60 | 4.38 | -2.57 | 4.31 |
| Production (boepd) | 646 | 730 | 700 | 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 February 28, 2019 08.00 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, CA@mangold.se 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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