DOME ENERGY PRESENTS Q4-REPORT 2016
FOURTH QUARTER
- Revenue from oil & gas production $1,222’ (2,652’).
- Gross result from production $304’ (73’) with a margin of 25% (3%).
- EBITDA of -$1,447’ (-1,083’).
- EBITDA for US operations amounted to -$1,680’ (-1,930’).
- Net result of $13,759’ (-46,968’).
- Earnings per share $0.40 (-1.37).
FULL YEAR
- Revenue from oil & gas production incl. realized derivatives $3,578’ (12,323’).
- Gross result from production incl. realized hedges $550’ (5,819’) with a margin of 15% (47%).
- EBITDA of -$3,778’ (808’).
- EBITDA for US operations adj. for all derivatives amounted to $-1,547’ (-704).
- Net result of $7,378’ (-50,333’).
- Earnings per share $0.21 (-1.46)
SIGNIFICANT EVENTS DURING THE QUARTER
- Signed an agreement for debt refinancing and an agreement for taking a bridge loan (press release December 19, 2016).
- Extraordinary shareholders meeting was held on December 8, 2016 and it was decided to adopt new articles of association and to reduce the share capital to cover losses.
- Program commenced to restart production.
- Planning drilling program for Q1 2017.
- Stabilization signs of the oil and gas market continued in fourth quarter.
SUBSEQUENT EVENTS
- Extraordinary shareholders meeting was held on January 18, 2017 and it was decided to issue 48,315,140 warrants, to issue 54,890,695 shares through set-off, to adopt new articles of association with a higher number of shares, to rights issue of 104 174 746 shares, with deviation from the shareholders’ preferential rights to issue 79,562,780 warrants and with deviation of the shareholders’ preferential rights to issue 140,000,000 warrants.
- Publishing of prospectus for capital raise (press release February 14, 2017).
- Resuming of drilling program in Orangefield, Texas (press release February 17, 2017).
- A favorable settlement in which Dome Energy will receive MUSD 1.5 (press release February 22, 2017).
- Restarted several shut wells to regain production.
FINANCIAL KEY RATIOS
| USD Thousand | Q4 | Q4 | FY | FY |
| 2016 | 2015 | 2016 | 2015 | |
| Revenues from oil and gas sales incl realized derivatives | 1 222 | 2 652 | 3 578 | 12 323 |
| Value change in unrealized derivatives | - | 447 | - | 576 |
| Gross profit from oil & gas operations incl. realized derivatives | 304 | 73 | 550 | 5 819 |
| Gross margin, % | 25% | 3% | 15% | 47% |
| EBITDA | -1 447 | -1 083 | -3 778 | 808 |
| EBITDA for the US oil operation (adj. for all derivatives) | -1 680 | -1 930 | -1 547 | -704 |
| EBIT | -1 947 | -47 647 | -8 206 | -50 516 |
| EBT | 13 771 | -46 621 | 7 373 | -49 983 |
| Net result | 13 759 | -46 968 | 7 378 | -50 333 |
| EPS (in US$) | 0.40 | -1.37 | 0.21 | -1.46 |
| Production (boepd) | 451 | 844 | 560 | 1 068 |
Changes to 6th month reporting
Dome Energy AB has decided to change the reporting schedules during 2017 from publishing financial reports every quarter to every 6th month. The reason behind this decision is to save cost.
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, 2017 08.45 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 and gas reserves in the United States. For more information visit www.domeenergy.com.
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