Dome Energy AB. (Ticker: DOME) herein after “Dome” and/or “the Company”) is pleased to provide an operational update on the ongoing drilling operations of the second well “Gulf Lee Hager Fee #38 well (GLHF #38)” on the Orange field, Texas.

Offsetting the first well, GLHF #37 that had an initial production rate of 240 barrels of oil equivalent per day (boepd), the GLHF #38, reached a Total Depth of ~5,250ft targeting the Miocene formation. Following production testing the GLHF #38 flowed at a rate of 1,881MCF per day and 7 barrels of condensate, equal to more than 300 boepd.

Dome has now started the process of building production infrastructure for the wells. The majority of the infrastructure is in place however certain pipeline and compressors upgrades are required and tailored to each well. The drilling program will now continue on the southern section of the Hager lease with 4-8 new drilling locations.

Paul Morch, CEO commented; “With initial production rates of more than 500 barrels equivalent per day from our first two wells we are very eager to continue with this drilling program. The two new wells were both completed in the second zone we tested and we now have more than 15 zones behind pipe. We will now use this information to recomplete some of the wells in close vicinity to the new wells. Salt domes in this part of Texas have been among the most economical fields in the history of US oil and gas production, and our Orange dome is no exception.”