Dome Energy AB gives production update for March and drilling update from Illinois Basin

Dome Energy AB (publ) (herein after “Dome” and/or “the Company”) provides production update for March 2018, in which the Company produced 1,034 BOEPD before royalties, and drilling update from Illinois Basin.

  • Dome Energy produced 1,034 BOEPD before royalties in the month of March. Certain accruals have been made based on delayed revenue from non-operated assets.
  • Glaze 11-13, completed in April, has averaged 45 BOPD for its first week of production and has increased to 80 BOPD as of Mid-April.
  • Walgrove 11-7, completed in April, is pumping back frac fluid and is currently pumping with a 10% oil cut.
  • Glaze 11-11 and Glaze 11-12 continue to produce above expectations at 70-80 BOPD. The Glaze 11-12 has produced nearly 4,000 barrels of oil, through April 16th, after being on pump for 30 days.
  • Currently fracture stimulating the final two wells, Walgrove 11-5 and Glaze 11-14.
  • Estimate six new wells on production by the end of April.
  • With increased production in the Illinois basin, Dome’s oil production is nearly 60% of the total 1,034 BOEPD, which is up from the historic 35%.

 

Paul Morch, CEO: “We are pleased to announce our March production, which has increased due to our drilling efforts in the Illinois Basin. We are seeing stable production levels from our first three wells through March and into April and expect similar results from the last three wells. The full program has been executed close to budget, with minor delays due to weather. The initial production is higher than expected, mostly due to the completion methods. We will now evaluate our results over the next couple months, and then start our third drilling program in the basin. Our drilling inventory has increased to more than 50 wells to drill, and we plan to add more inventory going forward.”

For further information, please contact:
Paul Morch, CEO
Phone: +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 April 19, 2018, 08:30 CET.