Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
1
The Proven Growth Story Con1nues
2
DISCLAIMER All presentations and their appendices (hereinafter referred to as “Investor Presentations”) published on www.domeenergy.com have been prepared by Dome Energy AB. (“DOME” or the “Company”) exclusively for information purposes. The presentations have not been reviewed or registered with any public authority or stock exchange. Recipients of these presentations may not reproduce, redistribute or pass on, in whole or in part, these presentations to any other person. The distribution of these presentations and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession these presentations may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses these presentations and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. These presentations do not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom is unlawful to make such an offer or solicitation in such jurisdiction. IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THESE PRESENTATIONS ARE STRICTLY CONFIDENTIAL AND ARE BEING FURNISHED SOLELY IN RELIANCE UPON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF THE COMPANY HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN THE COMPANY WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, ONLY TO QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, WILL BE REQUIRED TO MAKE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT SELLERS OF THE NEW SHARES MAY BE RELYING ON THE EXEMPTIONS FROM THE PROVISIONS OF SECTIONS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A. NONE OF THE COMPANY’S SHARES HAVE BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF. IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS AND THEIR CONTENTS ARE CONFIDENTIAL AND THEIR DISTRIBUTION (WHICH TERM SHALL INCLUDE ANY FORM OF COMMUNICATION) IS RESTRICTED PURSUANT TO SECTION 21 (RESTRICTIONS ON FINANCIAL PROMOTION) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005. IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS ARE ONLY DIRECTED AT, AND MAY ONLY BE DISTRIBUTED TO, PERSONS WHO FALL WITHIN THE MEANING OF ARTICLE 19 (INVESTMENT PROFESSIONALS) AND 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 OR WHO ARE PERSONS TO WHOM THE PRESENTATIONS MAY OTHERWISE LAWFULLY BE DISTRIBUTED. The contents of these presentations are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal business, investment and tax advice. There may have been changes in matters which affect the Company subsequent to the date of these presentations. Neither the issue nor delivery of these presentations shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in these presentations. These presentations include and are based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness or such information and statements. An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in these presentations, including, among others, risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in these documents.
3
Dome Energy Dome Energy AB., is an independent Oil & Gas Company publicly traded on the Nasdaq OMX First North exchange in Sweden (Ticker: DOME). The Company’s strategy is to explore exis1ng producing US onshore oil and gas fields to iden1fy unexploited well loca1ons. The Company has grown produc1on to 1,250 barrels boepd from a balanced and diversified porWolio of oil, gas and condensate produced in Arkansas, Kentucky, Louisiana, Michigan, Mississippi, Oklahoma, Texas and Wyoming. With a strong cash posi1on and substan1al free cashflow the Company is con1nuing its aggressive growth strategy through both organic growth and targeted/strategic acquisi1ons.
• Focused on oil & gas produc1on onshore US
• Diversified porWolio of liquids and non-‐liquids from operated and non-‐operated assets
• Organic growth through the drill bit
• Further acquisi1ons for con1nued aggressive growth
• Crea1ng shareholder value through increased produc1on, acquisi1ons & divestments.
STRATEGY
4
Recent Developments The Company is con1nuing to grow through its exis1ng work programs along with the comple1on of acquisi1ons. Two large acquisi1ons in 2014. Acquisi1on of VistaTex Energy in July and Wyoming assets in October adding ~1,000 boepd with large development poten1al. Together, these acquisi1ons provide Dome with substan1al work-‐overs, re-‐comple1ons, PUD’s and new well opportuni1es. Dome now has a long-‐term base to con1nue its strategy of growth through development of its own assets. Dome has secured it’s cashflow through long-‐term hedges for the majority of the produc1on at rates ($90bbl/$4mcf). The Company has increased produc1on to 1,250 boepd along with an upgrade in reserves to 6.2 million boe.
• 1,250 boepd
• ~240 producing wells
• Diversified produc1on porWolio: -‐ 60% Gas -‐ 40% Oil & Condensate
• Majority of porWolio is hedged un1l 2017 -‐ $90 barrel / $4 mcf
• 6.2 mmboe of proven reserves
• Annualized forecasted EBITDA of $10 m
• $44 m credit facility with Soc Gen at 3.75% interest rate
HIGHLIGHTS
5
Corporate Snapshot and 52 weeks share price NASDAQ OMX: DOME
Share Price (06/02/15) $1.08 / SEK 8.90
Market Cap (06/02/15) $36.8 / SEK 303 m
Common Shares Outstanding 33.7 m
Warrants & Op1ons 0.4 m
Fully Diluted Outstanding Shares* 34.1 m
Insider Ownership ~40%
Net debt (06/02/15) $37.9 m
Proven Reserves 6.2 mmboe
* Assumes complete conversion and exercise of all op5ons and ongoing issue of shares
6
Shareholders LIST OF LARGEST SHAREHOLDERS %
Range Ventures LLC 17.65%
Bustein AS 15.16%
Deutsche Bank Suisse S.A. 5.99%
Petrus AS 5.93%
Avanza Pension Försäkring AB 4.89%
M. Fellbrant 4.32%
DNB Bank ASA 3.88%
Prime Wealth Interna1onal Holdings 3.11%
Nordisk Specialtex1l i Jörn AB 2.26%
Nordnet Pensionsförsäkring AB 2.09%
Other shareholders
34.7%
* Assumes complete conversion and exercise of all op5ons.
7
Credit Line $1.8M
A Proven Strategy that Delivers
Efficiency program implemented
Record produc1on of 1,250 boepd
Listed on Nasdaq OMX First North
P1 Reserves of 6.2M barrels
First new oil
Credit Line $5.0M
Credit Line $7.5M
Credit Line $44M @3.75%
Doubling of Produc1on
Acquisi1on of Concorde Dome
Acquisi1on of KYTX
Acquisi1on of VistaTex
Acquisi1on of Wyoming assets
8
Asset Loca1on
• HQ in Houston
• Total ~240 producing wells/100 operated wells
• Non-‐operated partnerships with Anadarko, BP, Chesapeake, EOG Resources and XTO.
• Licensed operator in Kentucky, Louisiana, Oklahoma, Texas and Wyoming.
FACTS
9
Financials
Financial Highlights • Cash flow enables organic growth and acquisi1ons • Annualized EBITDA (forecast): >$10M • $44M credit facility with Société Générale (3.75% interest rate) • Low OPEX • Net debt of $37.9M • $27 m+ $17M in tax deduc1bles
Q3 Financials • Total revenue of $5.5M ($0.6M)
Ø Revenue from oil and gas sales of $2.9M ($0.6M) • Gross profit of $1.6M ($0.4M)
Ø Gross margin of 57% (64%) • EBITDA of $3.1M (-‐$0.3M) • EBT $3.1M ($0.5M) • Net result $3.1M ($0.5M)
10
Diversified PorWolio of Reserves Oil
Mbbl Condensate
Mgal Gas MMcf
Total Mboe ValuaGon US$ million
Proved Developed Producing (PDP)
942 8,877 14,108 3,580 84.9
Total Proven Reserves 1,520 12,672 25,404 6,163 129.3
60%
34%
6%
Gas Oil Condensate
11
Con1nued Produc1on Growth • Q3 Produc1on of 1,050 boepd • Produc1on has increased to 1,250 boepd • 12 month target of 2,000 boepd through organic growth • Target of 5,000+ boepd upon comple1on of the full work program
0 200 400 600 800
1,000 1,200 1,400 1,600
1Q14A 2Q14A 3Q14A 4Q14E
Daily Produc1on (boepd)
12
Ongoing Development Programs
Orange Field • 7 -‐ 20 well recomple1on program • 3 -‐ 12 well Drilling Program • First well Ini1al Produc1on: 240 boepd • Second well Ini1al Produc1on: 300 boepd • Produc1on target: 400 -‐1,200 boepd
Concord Dome • Seismic Survey and re-‐interpreta1on of
exis1ng data • Drilling program to commence Q2 2015 • Produc1on target: 300 bopd
KYTX • 14 well comple1on and work over program • Acquisi1on of gray field: 50 boepd • Produc1on target: 200 boepd
VistaTex • Consolida1on of the assets • Re-‐comple1ons • Work overs • Poten1al farm outs • Produc1on target: 2,300 boepd
Wyoming assets • Polymer and enzyme
treatment • Produc1on efficiency
improvements • Produc1on target: 1,000 bopd
13
Orange Field – Work Program Example
• Largest and most produc1ve lease on Orange • Produced more than 3 mmbbl since 1940s • 3 wells drilled in 1980 -‐ 100% success • Found 3 unproduced areas • First well IP rate of 240 boepd • Second well IP rate of 300 boepd • Poten1al for numerous offseyng wells • Addi1onal poten1al from Frio forma1on in the North • Proven & de-‐risked drilling program
Hager
14
None-‐Core Divestments
• Maintaining the Company’s strategy of minimizing risk and capital expenditure, Dome has divested two low value assets.
• Sold Terryville assets, Louisiana realizing a $2.75M profit. The assets contributed <1% of the total produc1on.
• Sold Delano assets, Louisiana realizing a $0.4 profit. The assets contributed 0.5% of the total produc1on.
Sale of High-‐Risk ExploraGon & Immaterial Assets
15
CONTACT To contact Dome Energy with your ques1ons or comments, please use the contact details below.
Dome Energy Inc. 6363 Woodway Suite 1025 Texas, 77057
Tel: +1 281 558 8585 Fax: +1 281 558 7557
Dome Energy AB Stureplan 4C, 4tr 114 35 Stockholm
Tel: +46 8 46 31 020 E-‐mail: [email protected]
Stockholm, Sweden Houston, USA
www.domeenergy.com