Interim report 1 January – 31 December, 2016...Interim report 1 January – 31 December, 2016...
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Interim report 1 January – 31 December, 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 of 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 favourable settlement in which Dome Energy will receive MUSD 1.5 (press release February 22, 2017). Restarted several shut wells to regain production. 1
Transcript of Interim report 1 January – 31 December, 2016...Interim report 1 January – 31 December, 2016...
Interimreport 1January–31December,2016FOURTHQUARTER
Revenuefromoil&gasproduction$1,222’(2,652’).
Grossresultfromproduction$304’(73’)withamarginof25%(3%).
EBITDAof-$1,447’(-1,083’). EBITDAforUSoperationsamountedto-$1,680’(-1,930’).
Netresultof$13,759’(-46,968’). Earningspershare$0.40(-1.37).
FULLYEAR
Revenuefromoil&gasproductionincl.realizedderivatives$3,578’(12,323’).
Grossresultfromproductionincl.realizedhedges$550’(5,819’)withamarginof15%(47%).
EBITDAof-$3,778’(808’). EBITDAforUSoperationsadj.forallderivativesamountedto$-1,547’(-704).
Netresultof$7,378’(-50,333’). Earningspershare$0.21(-1.46).
SIGNIFICANTEVENTSDURINGTHEQUARTER Signedanagreement fordebt refinancingandanagreement for takingabridge loan (press releaseDecember19,2016).
ExtraordinaryshareholdersmeetingwasheldonDecember8,2016anditwasdecidedtoadoptnewarticlesofassociationandtoreducethesharecapitaltocoverlosses.
Programcommencedtorestartproduction. PlanningofdrillingprogramforQ12017. Stabilizationsignsoftheoilandgasmarketcontinuedinfourthquarter.
SUBSEQUENTEVENTS Extraordinary shareholders meeting was held on January 18, 2017 and it was decided to issue48,315,140warrants,toissue54,890,695sharesthroughset-off,toadoptnewarticlesofassociationwith a higher number of shares, to rights issue of 104 174746 shares, with deviation from theshareholders’preferentialrightstoissue79,562,780warrantsandwithdeviationoftheshareholders’preferentialrightstoissue140,000,000warrants.
Publishingofprospectusforcapitalraise(pressreleaseFebruary14,2017). ResumingofdrillingprograminOrangefield,Texas(pressreleaseFebruary17,2017). AfavourablesettlementinwhichDomeEnergywillreceiveMUSD1.5(pressreleaseFebruary22,2017). Restartedseveralshutwellstoregainproduction.
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DOMEENERGYINTERIMREPORTQ42016
FINANCIALKEYRATIOSUSDThousand Q4 Q4 FY FY
2016 2015 2016 2015
Revenuesfromoilandgassalesinclrealizedderivatives 1222 2652 3578 12323
Valuechangeinunrealizedderivatives - 447 - 576Grossprofitfromoil&gasoperationsincl.realizedderivatives 304 73 550 5819
Grossmargin,% 25% 3% 15% 47%
EBITDA -1447 -1083 -3778 808
EBITDAfortheUSoiloperation(adj.forallderivatives) -1680 -1930 -1547 -704
EBIT -1947 -47647 -8206 -50516
EBT 13771 -46621 7373 -49983
Netresult 13759 -46968 7378 -50333
EPS(inUS$) 0.40 -1.37 0.21 -1.46
Production(boepd) 451 844 560 1068
LettertoShareholders
Dearshareholders,
Thelastquarterof2016wastheperiodwherewefinallyturnedthecorner,andareabletorestartourdevelopmentofouroilfields.Wemanagedtostrikeaveryfavorabledealwithourlenders,wheretheyforgavemorethanMUSD20indebtandaccumulatedinterest.Thishasopenedthewaytoregainsomeoftheshareholdervaluethatwehavelostoverthelasttwoyears.WiththeannouncedfullyunderwrittenequityraisethatweaimtocloseinQ12017,wewillhavethenecessaryfundstodrillanddevelopassetsandincreaseourproduction.Thebridgefinancing,wereceivedinDecember,allowedustostart thisdevelopmentprogrambeforetheendof theyear.Wearealreadyseeinggreatresults,andhopetoincreaseourcashflowandproductionfurtherinthecomingyears.
Ourcostcuttingprogramallowedustoshowoperationalprofitfor2016.Eventhoughwehavenotbeenallowedtospendmoneyonmaintenanceofourfields,buthavebeenforcedtofocusonrefinancing.Weareverysatisfiedwiththisresult,andexpecttoimprovethisduring2017.
Themarketforoilandgashascontinuedtostabilize,withthesupportofadealstruckbetweenOPECmembersandnon-OPECmembersofproduction restrain.Weexpect this to continue to support themarket for the foreseeablefuture. Thepolitical climatehas changed inUSAwith theentryofPresidentTrump.Hispolitical agenda seems tosupportfavorabletermsforbusinessintheUS.Discussionsofimporttaxesonoilaswellassupportingexportterminalsforgas,willallbewelcomedtoourbusiness.
Yourssincerely,
PålMørch
President&ChiefExecutiveOfficerHouston,USA,February28,2017
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DOMEENERGYINTERIMREPORTQ42016
OperationalandFinancialReview
RevenueDuring the fourthquarter theCompanyproduced41,494barrelsofoil equivalent (77,693) representing451barrelsofoilequivalentperday(boepd)(844).Theproductionwasdownfrompreviousyearasseveralwellshavebeenputonholdduetolowoilprices.
Grossproductionisbasedonworkinginterest,whichistheCompany’sshareofproductionbeforedeductionofroyaltiesandothertaxes.Someoftheproducedgasisusedtofuelproductionequipmenthencenotreportedasproduction.Insomewellsthismaybeahighpercentageofthetotalproduced.
Netrevenueafterroyaltiesfromoilandgassalesamountedto$1,222’(1,189’)forthefourthquarter.
EBITDAGrossresult,representingnetrevenuefromoilandgassalesincludingrealizedhedgesafterproductioncosts,amountedto$304’(73’)withamarginof25%(3%)forthefourthquarter.EBITDAamountedto-$1,447’(-1,083’)forthefourthquarter.EBITDAforourUSoperationsamountedto-$1,680’(-1,930’).
NetresultDepreciation, depletion and reversedwrite-downs for the fourthquarter amounted to -$500’ (-46,564‘) thisincludesreversingpartofthewritedownsonoilandgasassets+$2,432’.Financialincomeof$16,507’(1,683’)isallnon-cashrevenueduetodebtforgivenessfromthebankinaccordancewiththerefinancingofthecompanyand currency translation differences. The net financial items amounted to $15,718’ (1,026’) for the fourthquarter.Wehavereserved$13’forcorporatetaxinSwedenduringthefourthquarter.Thenetresultforthefourthquarteramountedto$13,759’(-46,968’).
FinancialpositionandcashflowAsperDecember31,2016cashandcashequivalentsamountedto$3,324’.Outstandinginterestbearingdebtamountedto$35,618’afterdebtforgivenessandthetakingupashortbridgeloan.Thebridgeloanof$4,397’istakenupfromMiddelborgInvestASandtheintentionistorepaytheentirebridgeloan, includinganagreedinterestof$440’,usingproceedsraisedintherightsissueintheendofMarch2017.AccordingtotheagreementregardingtheBridgeLoan,DomeEnergyABshallissueupto267,877,920warrantswithanexercisepriceofSEK0.10persharetoMiddelborginuptothreetranches.ShouldtheBridgeLoanberepaid,thesewarrantswillbecancelled.
OilandgasreservesAn updated reserves report as of December 31, 2016 was prepared by Certified Professional EngineeringCompany,LaRochePetroleumConsultantsLtd.Thereservereportshowsatotalprovedreservesof4,463mboe,whereof2,940mbbloilandliquidsand9,139mmcfgas.Atthebank’spricedeckthereserveswerevaluedto99.4MUSDundiscountedand52.7MUSDdiscountedatPV9.
AppropriationofprofitThereisasharepremiumreserveof$38,047’,retainedearningsof-$25,768’andalossfortheyearof-$9,227’whichtotals for theParentcompany$3,052’.Nodividendwillbeproposed for2016.TheBoardofDirectorsproposesthattheresultistransferredtonextyear’saccount.
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DOME ENERGY INTERIM REPORT Q4 2016
FinancialStatements
ConsolidatedIncomeStatementinSummary
Q4 Q4 FY FY Q4 Q4 FY FYNote 2016 2015 2016 2015 2016 2015 2016 2015
Revenuefromoperations 3 11048 10105 36865 63203 1222 1189 4306 7493Otherincome 3 1411 108 5727 1111 156 13 669 132
Incomefromderivatives 3 0 16237 -6233 45600 0 1910 -728 5406Totalrevenues 12459 26450 36359 109914 1378 3112 4247 13031
Operationalcosts -8295 -21922 -25924 -54861 -917 -2579 -3028 -6504Otherexternalcosts -17247 -13735 -42776 -48239 -1907 -1616 -4996 -5719EBITDA -13083 -9207 -32340 6814 -1447 -1083 -3778 808
Depreciation,depletionandwrite-down 4 -4524 -395749 -37917 -432920 -500 -46564 -4429 -51324
EBIT -17607 -404956 -70257 -426106 -1947 -47647 -8206 -50516
Financialincome 149258 14307 163674 37763 16507 1683 19118 4477Financialexpenses -7137 -5588 -30297 -33264 -789 -657 -3539 -3944Totalfinancialitems 142121 8719 133377 4499 15718 1026 15579 533
EBT 124513 -396238 63120 -421607 13771 -46621 7373 -49983
Tax -107 -2951 44 -2951 -12 -347 5 -350Resultfortheperiod 124406 -399189 63164 -424558 13759 -46968 7378 -50333
Resultattributableto:
OwnersoftheParentCompany 124406 -399188 63164 -424558 13759 -46968 7378 -50333
Totalresultfortheperiod 124406 -399188 63164 -424558 13759 -46968 7378 -50333
ResultpershareEarningspershare,USD/SEK 3,62 -11,60 1,84 -12,35 0,40 -1,37 0,21 -1,46
Earningspershare(afterdilution),USD/SEK*
3,62 -11,60 1,84 -12,35 0,40 -1,37 0,21 -1,46
*Dilutionhasnotbeenconsideredifthelosspersharewouldbelower.
SEKThousand USDThousand
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DOME ENERGY INTERIM REPORT Q4 2016
ConsolidatedStatementofComprehensiveIncomeinSummary
Q4 Q4 FY FY Q4 Q4 FY FY2016 2015 2016 2015 2016 2015 2016 2015
Resultfortheperiod 124406 -399188 63164 -424558 13759 -46968 7378 -50333
OthercomprehensiveresultCurrencytranslationdifferences -5044 4045 -22247 -6021 -558 476 -2599 -714Othercomprehensiveincome,netoftax -5044 4045 -22247 -6021 -558 476 -2599 -714
Totalcomprehensiveincome 119362 -395143 40917 -430579 13201 -46492 4779 -51047
Attributableto:OwnersoftheParentCompany 119362 -395143 40917 -430579 14228 -46492 4779 -51047Totalcomprehensiveresultfortheperiod 119362 -395143 40916 -430579 14228 -46492 4779 -51047
SEKThousand USDThousand
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DOME ENERGY INTERIM REPORT Q4 2016
2016-12-31 2015-12-31 2016-12-31 2015-12-31
ASSETS
Non-currentassets
Oilandgasassets 289880 300419 31865 35968Othertangiblefixedassets 5622 7183 618 860Financialassets – 16379 – 1961Othernon-currentassets 6268 5793 689 694Totalnon-currentassets 301770 329774 33172 39483
Currentassets
Receivablesandpre-paidexpenses 11899 49643 1308 5944Cashandcashequivalents 30242 4724 3324 566Totalcurentassets 42141 54366 4632 6509
TOTALASSETS 343912 384140 37805 45992
EQUITYANDLIABILITIES
Totalequity -137749 -178667 -15142 -21391
LIABILITIES
Non-currentliabilities
Non-currentinterestbearingdebt 239552 96041 26333 11499Provisions 41510 31906 4563 3820Totalnon-currentliabilities 281062 127947 30896 15319
Currentliabilities
Currentinterestbearingdebt 84465 357327 9285 42781Accountspayableandotherliabilities 116135 77534 12766 9283Totalcurrentliabilities 200599 434861 22051 52064
TOTALEQUITYANDLIABILITIES 343912 384140 37805 45992
ConsolidatedBalanceSheetinSummary
USDThousandSEKThousand
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DOME ENERGY INTERIM REPORT Q4 2016
ConsolidatedStatementofChangesinEquityinSummary
Q4 Q4 FY FY Q4 Q4 FY FY2016 2015 2016 2015 2016 2015 2016 2015
Openingbalance -257111 216477 -178667 250553 -29832 25807 -21391 32074
Netresult 124406 -399188 63164 -424558 13759 -46968 7378 -50333Othercomprehensiveincome -5044 4043 -22246 -6021 -558 476 -2599 -714Totalcomprehensiveincome 119362 -395145 40918 -430579 13201 -46492 4779 -51047
Issueofnewshares,net – – – 1359 – – – 163Currencytranslationdifferences – – – – 1489 -706 1470 -2581Closingbalance -137749 -178667 -137749 -178667 -15142 -21391 -15142 -21391
Attributableto:OwnersoftheParentCompany -137749 -178667 -137749 -178667 -15142 -21391 -15142 -21391
Totalequity -137749 -178667 -137749 -178667 -15142 -21391 -15142 -21391
USDThousandSEKThousand
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DOME ENERGY INTERIM REPORT Q4 2016
Q4 Q4 FY FY Q4 Q4 FY FY
2016 2015 2016 2015 2016 2015 2016 2015
Cashflowfromoperatingactivitiesbeforechangesinworkingcapital -23068 -10060 -49050 -31813 -2551 -1184 -5729 -3772Changesinworkingcapital 13363 47181 23027 34732 1478 5551 2690 4118
Cashflowfromoperatingactivities -9705 37121 -26023 2919 -1073 4368 -3040 346
Cashflowfrominvestingactivities 11578 -32165 59961 -60322 1280 -3785 7004 -7151Cashflowfromfinancingactivities 21861 -8530 -10275 43866 2418 -1004 -1200 5200
Cashflowfortheperiod 23734 -3574 23663 -13537 2625 -421 2764 -1605
Cashandcashequivalentsatthebeginningofperiod 4795 8367 4724 17205 556 984 566 2203
Exchangeratedifferencesincashandcashequivalents 1713 -69 1855 1056 143 2 -6 -32
Cashandcashequivalentsattheendofperiod 30242 4724 30242 4724 3324 566 3324 566
ConsolidatedStatementofCashFlowinSummary
SEKThousand USDThousand
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DOME ENERGY INTERIM REPORT Q4 2016
ParentCompanyIncomeStatementinSummary
Q4 Q4 FY FY Q4 Q4 FY FY
2016 2015 2016 2015 2016 2015 2016 2015
Revenuefromoperations 669 126 669 462 74 15 78 55Otherincome 47 -2 47 – 5 0 5 –Totalrevenues 716 124 716 462 79 15 84 55
Otherexternalcosts 1390 -9168 -13579 -33310 154 -1079 -1586 -3949EBITDA 2106 -9044 -12863 -32848 233 -1064 -1502 -3894
EBIT 2106 -9044 -12863 -32848 233 -1064 -1502 -3894
Resultfrominvestments -84344 -197239 -84344 -174189 -9328 -23207 -9852 -20651Financialincome 8033 -199 11829 – 888 -23 1382 –Financialincomefromassociates 4988 36942 10027 54352 552 4347 1171 6444Financialexpenses -2767 891 -8483 -6327 -306 105 -991 -750Totalfinancialitems -74090 -159605 -70971 -126164 -8194 -18779 -8290 -14957
EBT -71984 -168649 -83834 -159012 -7961 -19843 -9792 -18851
Tax -110 -2808 -110 -2808 -12 -330 -13 -333Resultfortheperiod -72094 -171457 -83944 -161820 -7973 -20174 -9805 -19184
ParentCompanyStatementofComprehensiveIncomeinSummary
Q4 Q4 FY FY Q4 Q4 FY FY
2016 2015 2016 2015 2016 2015 2016 2015
Resultfortheperiod -72094 -171457 -83944 -161820 -7973 -20174 -9805 -19184
Othercomprehensiveincome,netoftax – – – – – – – –Totalcomprehensiveincome -72094 -171457 -83944 -161820 -7973 -20174 -9805 -19184
Attributableto:
OwnersoftheParentCompany -72094 -171457 -83944 -161820 -7973 -20174 -9805 -19184
Totalcomprehensiveresultfortheperiod -72094 -171457 -83944 -161820 -7973 -20174 -9805 -19184
SEKThousand USDThousand
SEKThousand USDThousand
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DOME ENERGY INTERIM REPORT Q4 2016
ParentCompanyBalanceSheetinSummary
2016-12-31 2015-12-31 2016-12-31 2015-12-31Note
ASSETS
Non-currentassets
Sharesinsubsidiaries 5 222945 – 24507 –Financialnon-currentassets 5216 256073 573 30659Totalnon-currentassets 228161 256073 25081 30659
Currentassets
Receivablesandprepaidexpenses 673 769 74 92Cashandcashequivalents 686 172 75 21Totalcurrentassets 1359 941 149 113
TOTALASSETS 229520 257014 25230 30771
EQUITYANDLIABILITIES
Totalequity 55222 139166 6070 16662
Liabilities
Longtermdebt 53334 96041 5863 11499Shorttermdebt 120964 21807 13297 2611Totalliabilities 174298 117848 19160 14109
TOTALEQUITYANDLIABILITIES 229520 257014 25230 30771
ParentCompanyStatementofChangesinEquityinSummary
2016-12-31 2015-12-31 2016-12-31 2015-12-31
Openingbalance 139166 299626 16662 38356Netresult -83944 -161820 -9805 -19184Othercomprehensiveincome – – -787 -2673Totalcomprehensiveincome -83944 -161820 -10592 -21857
Issueofnewshares – 1360 – 163Closingbalance 55222 139166 6070 16661
SEKThousand USDThousand
SEKThousand USDThousand
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DOME ENERGY INTERIM REPORT Q4 2016
KeyratiosfortheGroup
Q4 Q4 FY FY
2016 2015 2016 2015
Result
Revenuesfromoperations 1222 1189 4306 7493Otherincome 156 13 669 132Increaseinrevenues,% 9% neg. neg. 15%EBITDA -1447 -1083 -3778 808Netresult 13759 -46968 7378 -50333
Returnratios
Returnonequity,% nmf. nmf. nmf. nmf.Returnoncapital,% 36,2% neg. 18,4% neg.
Financialposition
Equity,% neg. neg. neg. neg.Totalassets 37805 45992 37805 45992Equity -15142 -21391 -15142 -21391
Pershare
Numberofsharesoutstanding 34401945 34401945 34401945 34401945Numberofsharesoutstanding(afterdilution) 34401945 34401945 34401945 34401945Weightednumberofshares 34401945 34401945 34401945 34372356Weightednumberofshares(afterdilution) 34401945 34401945 34401945 34372356Earningspershare,USD 0,40 -1,37 0,21 -1,46Earningspershareafterdilution,USD* 0,40 -1,37 0,21 -1,46Equitypershare,USD -0,44 -0,62 -0,44 -0,62Equitypershareafterdilution,USD -0,44 -0,62 -0,44 -0,62
Employees
Averagenumberofemployees 15 25 15 24
*Dilutionhasnotbeenconsideredifthelosspersharewillbelower.
AmountsinTUSDunlessotherstated
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DOMEENERGYINTERIMREPORTQ42016
Notes
AccountingprinciplesTheinterimreportofDomeEnergyGroup(DomeEnergyAB,DomeEnergyInc)hasbeenpreparedinaccordancewith the Annual Accounts Act and IAS 34. The interim report of the Parent company has been prepared inaccordancewiththeAnnualAccountsAct,Chapter9-Interimreports.ThesameaccountingprincipleswereusedasdescribedintheAnnualreport2015.
Note1 RisksanduncertaintiesTheGroup’sexposuretorisksisdescribedintheAnnualReport2015,Note3.TheGroup’sactivitiesareexposedto different financial risks. The financial risks that themanagement observes are: 1)Market risk (includingcurrency risk,price riskandcash flowand fairvalue risk in interest rates),2)Credit riskand3)Liquidityandfinancialrisk.TheGroupsoverallriskmanagementpolicyfocusontheunpredictabilityonthefinancialmarketsandstrivetominimizethepotentialnegativeeffectsonresultandliquidityasaresultoffinancialrisks.ThemainfinancialrisksthathavebeenidentifiedwithintheGroupiscurrencyrisk,priceriskandliquidityrisk.Thefinancialinvestmentsareexposedtopriceriskandliquidityriskinthecaseadditionalinvestmentsareneededthatcannotbefinanced.
Note2 ExchangeratesForthepreparationofthefinancialstatements,thefollowingexchangerateshavebeenused.
Q4 Q4 FY FY
2016 2015 2016 2015
Average Periodend Average Periodend Average Periodend Average Periodend
SEK/USD 9.0420 9.0971 8.4991 8.3524 8.5613 9.0971 8.4350 8.3524
Note3 Revenuefromoperations,otherincomeandderivatives Q4 Q4 FY FY Q4 Q4 FY FY
2016 2015 2016 2015 2016 2015 2016 2015
SEKThousand USDThousand
Oil 8015 6959 22242 42613 886 819 2598 5052
Gas 2900 2789 13373 18633 321 328 1562 2209
NGL 133 357 1250 1957 15 42 146 232
Totalrevenuefromoperations 11048 10105 36865 62203 1222 1189 4306 7493
Gainonsalesofassets 10 -354 548 649 1 -42 64 77
Otherincome 1401 462 5179 462 155 54 605 55
Totalotherincome 1411 108 5727 1111 156 13 669 132
Incomefromderivaties
Realized
WTI - 8240 1491 25921 - 970 174 3073
Brent - 665 -11174 3585 - 78 -1305 425
Gas - 3532 3450 11235 - 416 403 1332Totalrealizedincomefromderivatives 0 12437 -6233 40741 0 1463 -728 4830
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DOMEENERGYINTERIMREPORTQ42016
Cont.Note3 Revenuefromoperations,otherincomeandderivatives
Q4 Q4 FY FY Q4 Q4 FY FY 2016 2015 2016 2015 2016 2015 2016 2015
SEKThousand USDThousand
Unrealized
WTI - -3959 - -4774 - -466 - -566
Brent - 7669 - 8503 - 902 - 1008
Gas - 89 - 1130 - 10 - 134Totalunrealizedincomefromderivatives 0 3799 0 4859 0 447 0 576
Totalincomefromderivatives 0 16237 -6233 45600 0 1910 -728 5406
Note4 Depreciation,depletionandwritedown Q4 Q4 FY FY Q4 Q4 FY FY
2016 2015 2016 2015 2016 2015 2016 2015
SEKThousand USDThousand
Depreciation 3540 31761 -325 -5410 392 3756 -38 -641
Depletion -24694 -53053 -53166 -53053 -2731 -6242 -6210 -6290
AccretionexpenseduetoARO -1410 -9365 -2466 -9365 -156 -1121 -288 -1110Write-downduetoimpairment -3954 -365092 -3954 -365092 -437 -42957 -462 -43283
Reversalofwrite-down 21994 - 21994 - 2432 - 2569 -Totaldepreciationanddepletion -4524 -395749 -37917 -432920 -500 -46564 -4429 -51324
Note5 SharesinsubsidiariesAspartofthenewbankagreementitwasrequestedforDomeEnergyABtoforgivetheinternalreceivablestotheDomeEnergyIncgroup.TheamountasperDecember20wasforgivenasacapital injectionintheDomeEnergyIncgroup.ThesharesinsubsidiarieshasbeenwrittendownattheendofQ4afterimpairmenttestingand-$9,328’wasexpensed.
Note6 RelatedpartytransactionsForthefourthquarter,HåkanGustafsson,ChairmanoftheBoard,andPetterHagland,MemberoftheBoard,havenotinvoicedDomeEnergyforanyconsultingordirectors’feesduetothefinancialsituationbutprovisionof-$5’hasbeenmade.
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DOMEENERGYINTERIMREPORTQ42016
FinancialCalendarDomeEnergyABhasdecidedtochangethereportingschedulesduring2017frompublishingfinancialreportseveryquartertoevery6thmonth.Thereasonbehindthisdecisionistosavecost.
Annualreportfor2016 May31,2017AnnualGeneralMeeting June30,2017InterimReportJan-Jun2017 August31,2017InterimReportJul-Dec2017 February28,2018Allreportswillbeavailableonthecompanywebsiteorbycontactwiththecompanyoffices.The Board ofDirectors and the CEOhereby certify that the report gives a fair and true presentation of theCompanyandtheGroup’soperation,positionandresultanddescribestheprincipalrisksanduncertaintiesthattheCompanyandthecompaniesintheGroupface.
Stockholm,February28,2017
PålMørch HåkanGustafsson PetterHagland
CEO&BoardMember ChairmanoftheBoard BoardMember
Theinformationinthisyear-endreportissuchthatDomeEnergyABisrequiredtodisclosepursuanttotheSecuritiesMarketActandFinancialInstrumentTradingAct.SubmittedforpublicationonFebruary28,2017.
TheinterimreporthasnotbeensubjecttoreviewbytheauditorsoftheCompany.
Forfurtherinformation,pleasecontact:PålMørch,CEOPhone:+17133854104E-mail:[email protected]
Address:DomeEnergyAB(publ)Engelbrektsgatan9-11SE-11432Stockholm,Swedenwww.domeenergy.com
ThisinformationisthekindofinformationthatDomeEnergyAB(publ) isobligedtopublicizeaccordingtoEUMarketAbuseRegulations (MAR).The informationwaspublicized,by theabove contactpersonFebruary28,2017,08.45CET.
AboutDomeEnergyAB(publ)DomeEnergyAB.isanindependentOil&GasCompanypubliclytradedontheNasdaqFirstNorthexchangeinSweden (Ticker:DOME).Mangold FondkommissionAB,phone: +46850301550, is theCompany’sCertifiedAdviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production ofexistingonshoreoilandgasreservesintheUnitedStates.Formoreinformationvisitwww.domeenergy.com.
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