Dome Energy Provides An Operational Update
Dome Energy AB. (Ticker: DOME) herein after “Dome” and/or “the Company” is pleased to provide an operational and drilling update.
Dome has started the second stage of the Orange drilling program focusing on South West section of the field. The initial well “F.T. Peveto A #6”, reached it’s target depth with encouraging logging results showing clear indications of hydrocarbons in multiple zones at different depth intervals. The primary targets have been identified in the Miocene with the Company expecting more than 29 feet of net pay. Independent evaluation by South Texas Reservoir Alliance, has given categorized 80’000 barrels as recoverable from these drilled zones.
Dome is now in the process of completing the well and is preparing for a well test. The drilling program will now move to the second well “F.T. Peveto C #7” which we expect to spud within the coming week.
In late February, Dome managed to get the previously drilled well “Hager #37” on stable production. The well produced more than 3,000 barrels of oil during the month of March and is continuing to show daily production above 100 barrels of oil per day (bopd). We have not been able to complete the “Hager #38” well in a zone that is expected to be economical.
In Wyoming, the Company has received an “Aquifer Exemption Approval” for our Zimmerman Butte field. This means that Dome can significantly increase injection capacity thus increasing our ability to draw more fluids from our wells. Through this, we have been able to substantially increase production in recent weeks. Due to the severe winter, Dome is still awaiting the local utility company to pull electricity lines to our most recently drilled well delaying production from the well.
Dome is continuing to increase production and maintains it’s short-term target of 2,000 boepd from our current asset base.
The recently announced transaction with Pedevco is progressing with definitive agreements expected to be signed by the end of April. Our due diligence is ongoing and we have signed an agreement for administration of Dome’s accounting to be run by Pedevco. This will be economical in both time and money for the consolidation starting later this summer.
For further information please contact:
Susanna Helgesen, CFO
Phone: +46 708 27 86 36
US phone: +1 281 558 8585
E-mail: sh@domeenergy.com
About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on the Nasdaq OMX First North exchange in Sweden (Ticker: DOME). Remium Nordic AB 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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