DOME ENERGY PRESENTS INTERIM REPORT FOR JULY-DECEMBER 2017

SECOND HALF-YEAR  

· Revenue from oil & gas production incl. realized derivatives $4,245’ (2,458’).
· Effect from unrealized derivatives of – $338’ (0).
· Gross result from production incl. realized derivatives $1,511’ (867’) with a margin of 36% (35%).
· EBITDA of -$839’ (-1,574’).
· EBITDA for US operations adj. for unrealized derivatives amounted -$9’ (- 1,431’). If adjusted for non-cash items and one-off events it equals $776’.
· Net result of $20,543’ (13,239’).
· Earnings per share $0.09 (0.38).

FULL YEAR

· Revenue from oil & gas production incl. realized derivatives $7,952’ (3,578’).
· Effect from unrealized derivatives of – $307’ (0).
· Gross result from production incl. realized derivatives $2,744’ (549’) with a margin of 35% (15%).
· EBITDA of $681’ (-$3,740’).
· EBITDA for US operations adj. for unrealized derivatives amounted to $2,479’ (-2,237’). If adjusted for non-cash items and one-off events it equals $2,276’.
· Net result of $15,902’ (7,402’).
· Earnings per share $0.09 (0.22).

SIGNIFICANT EVENTS DURING THE SECOND HALF-YEAR 

· Dome Energy closed the acquisition of 100% of the shares in the US company Ginger Oil on September 4, 2017.
· Dome Energy started a drilling program in Illinois Basin and drilled four wells successfully during the fall of 2017.
· Dome Energy announced a new drilling program and that Dome’s bank in the US has delivered a term sheet, offering to fully finance this drilling program, and also partly pay the Company’s bridge loans. Dome’s Illinois Basin assets was not included in the bank facility but financed by bridge loans.

SUBSEQUENT EVENTS AFTER CLOSING OF THE PERIOD

· Dome Energy started its second drilling program in the Illinois Basin. This new program is scheduled to include six new drilled wells; to be drilled back to back. Result for the two first wells are positive.
· Dome Energy reported the sale of non-core assets and has entered into an agreement to sell its interest in one producing well in Louisiana. All proceeds will be used for down payment on debt.
· An extraordinary shareholders meeting was held on February 1, 2018 and it was decided to issue 129,793,793 shares and to issue 129,793,793 shares warrants through set-off and to adopt new articles of association with a higher number of shares. Debts, at a booked value of M$10.7, were set off.
· Dome Energy renegotiated the bank facility on February 14, 2018 and restructured its short-term debt.

FINANCIAL KEY RATIOS

USD Thousand 2nd half

2017

2nd half

2016

FY

2017

FY

2016

Revenues from oil and gas sales incl. realized derivatives 4 245 2 458 7 952 3 578
Value change in unrealized derivatives -338 -307
Gross profit from oil & gas operations incl. realized derivatives 1 511 867 2744 549
Gross margin, % 36% 35% 35% 15%
EBITDA -839 -1 574 681 -3 740
EBITDA for the US oil operation (adjusted for unrealized derivatives)* -9 -1 431 2 479 -2 237
EBIT 22 296 -3 210 18 784 -8 169
 EBT  20 596  13 253  15 954  7 397
 Net result  20 543  13 239  15 902  7 402
 EPS (in US$)  0.09  0.38  0.09  0.22
Production (boepd) 730 518 762  560

 

* Our US operations showed an operational EBITDA adjusted for non-cash items and one-off events of $2,276’ for the full year, with HY2 contributing $776’.

For further information, please contact:
Pål Mørch, 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 February 28, 2018 08.00 CET.