DOME ENERGY STRIKES NEW OIL IN ORANGE FIELD
Dome Energy AB. (Ticker: DOME) herein after “Dome” and/or “the Company”) is pleased to provide an operational update on the ongoing drilling operations of the Gulf Lee Hager Fee 37 well (GLHF #37) on the Orange field, Texas.
GLHF #37, spudded on the 24th of December, 2014, has reached a Total Depth (TD) of ~6,550ft. Utilizing a full logging suite, log & formation sample results have established that both Miocene & Frio sands are pressured hydrocarbon bearing zones with a potential of 10 productive zones throughout the wellbore. A Formation Multi-Test (FMT) was run to collect downhole formation samples to confirm producing zones.
Based upon the newly acquired sub-surface data, the Company will drill an offset well (GLHF #38) 25ft from the newly drilled GLHF #37 well. The well will target the upper Miocene zones that were encountered whilst drilling the GLHF #37 well. This will allow production of both Miocene and Frio zones from the same location thus reducing the need for multiple production facilities.
The GLHF #38 well will be spudded within 7 days with estimated TD of the well approximately ~5,250ft taking 10 days to drill. Upon completion of the drilling stage, Dome will conduct well tests on both wells to establish the Initial Production rates and the best completion methods.
Paul Morch, CEO commented; “We are excited with the result of GLHF#37 and we could not get a better start of the year. Oil from the Frio formation generally flows to surface meaning lower production costs and combined with low drilling and development costs gives us attractive returns even in today’s oil market. Further more, the well has ratified our data giving us multiple new well locations on the Orange Field.”
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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