DOME ENERGY PRESENTS Q2-REPORT 2016

SECOND QUARTER

  • Revenue from oil & gas production incl. realized derivatives of -$1,206’ (3,090’).
  • Effect from unrealized derivatives of $661’ (-1,436’). All derivatives sold in Q2.
  • Gross result from production incl. realized hedges of -$1,830’ (2,186’) with a negative margin (71%).
  • EBITDA of -$2,015’ (-2,144’).
  • EBITDA for US operations adj. for all derivatives amounted to $122’ (-426’).
  • Net result of -$3,254’ (-3,293’).
  • Earnings per share -$0.09 (-0.10).

FIRST HALF YEAR

  • Revenue from oil & gas production incl. realized derivatives of $1,087’ (6,789’).
  • Effect from unrealized derivatives of $0’ (-1,190’). All derivates sold in Q2.
  • Gross result from production incl. realized hedges of -$349’ (4,455’) with a margin of -32% (66%).
  • EBITDA of -$2,184’ (-74’).
  • EBITDA for US operations adj. for all derivatives amounted to -$44’ (570’).
  • Net result of -$6,340’ (-2,882’).
  • Earnings per share -$0.18 (-0.08).

SIGNIFICANT EVENTS DURING THE QUARTER

  • Agreement signed for favorable debt refinancing (pressrelease 30 May, 2016).
  • Volumes slightly higher in Q2 compared with previous quarter but still significantly lower than previous year due to un-economical wells.
  • Signs of stabilization of the oil and gas market in the second quarter.

SUBSEQUENT EVENTS

  • Negotations with lenders regarding closing of refinancing agreement to be finalised in a near future.

FINANCIAL KEY RATIOS

US$ Thousand Q2 Q2 Q1-Q2 Q1-Q2 FY
  2016 2015 2016 2015 2015
Revenues from oil and gas sales incl realized derivatives -1,206 3,090 1,087 6,789 12,323
Value change in unrealized derivatives 661 -1,436 0 -1,190 576
Gross profit from oil & gas operations incl. realized derivatives -1,830 2,186 -349 4,455 5,819
Gross margin, % Neg. 71% -32% 66% 47%
EBITDA -2,015 -2,144 -2,184 -74 808
EBITDA for the US oil operation (adj. for all derivatives) 122 -426 -44 570 -704
EBIT -3,800 -5,383 -5,012 -4,208 -50,516
EBT -3,252 -3,293 -6,360 -2,882 -49,983
Net result -3,254 -3,293 -6,340 -2,882 -50,333
EPS (in US$) -0.09 -0.10 -0.18 -0.08 -1.46
Production (boepd) 665 1,248 600 1,243 1,068