Brief: Dome Energy Says To Divest Non-Core Assets And Initiate Cost Cutting Programs Throughout Organization

Hotel Fast SSE AB (publ)

26/10/2018 21:57

Oct 26 (Reuters) - Dome Energy AB (publ)  DOMEN.ST :
    * DOME ENERGY DIVEST NON-CORE ASSETS AND INITIATE COST
CUTTING
PROGRAMS THROUGHOUT ORGANIZATION
    * DOME ENERGY AB - RECENTLY ENTERED INTO SALE AGREEMENTS
TOTALING
$400,000, AND RECEIVED OFFERS FOR MORE THAN $4MM FOR
NON-OPERATED OIL AND GAS ASSETS
    * DOME ENERGY - DOME WILL DEPLOY ABOUT HALF OF SALES
PROCEEDS INTO
DEVELOPMENT IN ILLINOIS BASIN AND OTHER HALF WILL BE SPENT ON
AMORTIZATIONS
    * COMPANY WILL SPEND NEXT FEW WEEKS NEGOTIATING, EVALUATING
AND
CLOSING THESE OFFERS
    * ALSO DECIDED TO INITIATE COST CUTTING PROGRAMS IN ALL
PARTS OF
ORGANIZATION
    * ROLE OF CFO WILL BE REDUCED TO A PART TIME POSITION
    * CFO MARIANNE BRANDT DECIDED TO LEAVE COMPANY IN THIS
PROCESS,
AND WILL BE REPLACED BEFORE END OF HER NOTICE PERIOD
    * OFFICE IN STOCKHOLM, SWEDEN, WILL MOVE TO A LESS COSTLY
LOCATION

Source text for Eikon:  ID:nWkr4LN9Dz 
Further company coverage:  DOMEN.ST 

 ((Reuters.Briefs@thomsonreuters.com;))