Dome Energy presents Q4-report 2016

FOURTH QUARTER

  • Revenue from oil & gas production $1,222’ (2,652’).
  • Gross result from production $304’ (73’) with a margin of 25% (3%).
  • EBITDA of -$1,447’ (-1,083’).
  • EBITDA for US operations amounted to -$1,680’ (-1,930’).
  • Net result of $13,759’ (-46,968’).
  • Earnings per share $0.40 (-1.37).

FULL YEAR

  • Revenue from oil & gas production incl. realized derivatives $3,578’ (12,323’).
  • Gross result from production incl. realized hedges $550’ (5,819’) with a margin of 15% (47%).
  • EBITDA of -$3,778’ (808’).
  • EBITDA for US operations adj. for all derivatives amounted to $-1,547’ (-704).
  • Net result of $7,378’ (-50,333’).
  • Earnings per share $0.21 (-1.46)

SIGNIFICANT EVENTS DURING THE QUARTER

  • Signed an agreement for debt refinancing and an agreement for taking a bridge loan (press release December 19, 2016).
  • Extraordinary shareholders meeting was held on December 8, 2016 and it was decided to adopt new articles of association and to reduce the share capital to cover losses.
  • Program commenced to restart production.
  • Planning drilling program for Q1 2017.
  • Stabilization signs of the oil and gas market continued in fourth quarter.

SUBSEQUENT EVENTS

  • Extraordinary shareholders meeting was held on January 18, 2017 and it was decided to issue 48,315,140 warrants, to issue 54,890,695 shares through set-off, to adopt new articles of association with a higher number of shares, to rights issue of 104 174 746 shares, with deviation from the shareholders’ preferential rights to issue 79,562,780 warrants and with deviation of the shareholders’ preferential rights to issue 140,000,000 warrants.
  • Publishing of prospectus for capital raise (press release February 14, 2017).
  • Resuming of drilling program in Orangefield, Texas (press release February 17, 2017).
  • A favorable settlement in which Dome Energy will receive MUSD 1.5 (press release February 22, 2017).
  • Restarted several shut wells to regain production.

 

FINANCIAL KEY RATIOS

USD Thousand Q4 Q4 FY FY
2016 2015 2016 2015
Revenues from oil and gas sales incl realized derivatives 1 222 2 652 3 578 12 323
Value change in unrealized derivatives 447 576
Gross profit from oil & gas operations incl. realized derivatives 304 73 550 5 819
Gross margin, % 25% 3% 15% 47%
EBITDA -1 447 -1 083 -3 778 808
EBITDA for the US oil operation (adj. for all derivatives) -1 680 -1 930 -1 547 -704
EBIT -1 947 -47 647 -8 206 -50 516
EBT 13 771 -46 621 7 373 -49 983
Net result 13 759 -46 968 7 378 -50 333
EPS (in US$) 0.40 -1.37 0.21 -1.46
Production (boepd) 451 844 560 1 068

 

Changes to 6th month reporting

Dome Energy AB has decided to change the reporting schedules during 2017 from publishing financial reports every quarter to every 6th month. The reason behind this decision is to save cost.

 

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, 2017 08.45 CET.