Dome Energy AB (herein after “Dome” and/or “the Company”) announces that Mutual of Omaha Bank (MoO) has offered to extend the closing of the refinancing of Dome’s debts to December 15, 2016. Dome is currently negotiating a bridge financing in connection to the requirements from MoO and expects to close the bridge during December 2016.
The ongoing development program has added more than 100 BOPD, expected to add additional 100-200 BOEPD by year-end.
Paul Morch, CEO: “Dome has signed an agreement to push forward the closing date for its new loan facility with Mutual of Omaha Bank. The original date of November 30th proved to be difficult both for the bank and for Dome. Dome has been in negotiations to close a bridge financing for some time, and hopes to close this by the middle of December. A bridge financing will allow Dome to close the new bank loan agreement and continue its development and drilling program. We will also have more time to conclude an equity raise in 2017.
Our development program, which started earlier in November, has so far restarted 10 wells and is currently providing more than 100 BOPD. We reopened wells in Wyoming, which were shut in when the price of oil fell to under $40 per barrel. We have also made some repairs on our wells in Texas and that has contributed to the increase the production. We are continuing the program in Wyoming and Orange but we will also restart several gas wells in different fields. We should be able to add another 100-200 BOEPD by the end of the year.”
For further information, please contact:
Paul Morch, CEO
Tel: +1 713 385 4104
E-mail: [email protected]
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 on December 1, 2016, 08:30 CET.