DOME ENERGY PRESENTS Q1-REPORT 2016

FIRST QUARTER

  • Revenue from oil & gas production incl. realized derivates of $2,242’ (3,637’).
  • Effect from unrealized derivatives of -$641’ (280’).
  • Gross result from production incl. realized derivates of $735’ (2,224’) with a margin of 33% (61%).
  • EBITDA of -$172’ (2,126’).
  • EBITDA for US operations adj. for unrealized derivates amounted to $1,279’ (2,137’).
  • Net result of -$2,574’ (489’).
  • Earnings per share -$0.07’ (0.01).

 

SIGNIFICANT EVENTS DURING THE QUARTER

  • Refinancing-prepare and negotiate with company lenders.
  • Volumes significantly down compared with previous year due to un-economical wells.
  • Drilling programs, recompletions and workovers on hold due to re-financing negotiations.
  • Continued implementation and pursuing of cost cutting program on both operational and G&A in Q1.

 

SIGNIFICANT EVENTS AFTER CLOSING THE QUARTER

Dome Energy Executes Agreement for Significant Favorable Debt Refinancing (pressrelease 30 May,2016):

 

  • Reduction of total debt from approx. $55,000,000 to <$24,000,000.
  • Dome Energy Inc. will monetize its current hedge portfolio for $4,100,000.
  • Dome Energy AB, has agreed with Range Ventures LLC in principle, on a conversation of the Note payable to shares at a prices of 1 USD per share. The proposal is subject to shareholder approval at the next shareholder meeting on June 21, 2016.

 

FINANCIAL KEY RATIOS  
US$ Thousand Q1 Q1 FY
  2016 2015 2015
Revenues from oil and gas sales incl. realized derivatives 2,242 3,637 12,323
Value change in unrealized derivatives -641 280 1,041
Gross profit from oil & gas operations incl. realized derivatives 735 2,224 5,353
Gross margin, % 33% 61% 47%
EBITDA -172 2,126 808
EBT -2,595 489 -49,983
Net result -2,574 489 -50,333
EPS (in US$) -0.07 0.01 -1.46
Production (boepd) 547 1,271 1,068