23 October 2017
Doriemus Plc
("Doriemus" or the "Company")
UK Government Oil and Gas Authority Approval Granted
Brockham Oil Field, Weald Basin, UK
Doriemus plc (Listed in Australia ASX:DOR and listed in London NEX:DOR) ("
Doriemus" or the "Company"), is pleased to announce that it has been informed
by the operators of the Brockham Oil Field, Angus Energy Plc (the "operator"),
that it has received final approval from the UK Government's Oil and Gas
Authority ("OGA") for its Field Development Plan Addendum at the Brockham Oil
Field (Production License PL235).
David Lenigas, Doriemus's Executive Chairman, commented; "This is excellent
news for the Brockham Oil Field. We at Doriemus now have a great deal of
activity happening at both our Brockham and Lidsey Oil Fields and will soon be
conducting the extended well testing programme at the Horse Hill -1 "Gatwick
Gusher" well as announced last week.
The Brockham Oil Field is a fully permitted production licence and sits
immediately north-west of the Horse Hill licences, in which Doreimus holds an
interest.
This OGA approval is the final regulatory consent needed to begin production
from the Kimmeridge layers in well BR-X4Z ("X4Z").
The X4Z Well will inititially produce from a 200 meter ("m") naturally
fractured section of a 385m thick Kimmeridge interbedded shale and limestone
layer. Further technical quidance can be found in the Company's news release of
3 March 2017. In Summary from the 3 March news release stated:
"The Brockham X4Z well, drilled to a total depth of 1,391m, was planned to
evaluate the Portland, Corallian and Kimmeridge formations at Brockham
including an evaluation of the Kimmeridge reservoir that had been demonstrated
by the Horse Hill discovery 8 km to the South. The operator of the well at
Horse Hill has announced cumulative production rates of over 1,500 barrels per
day in short term testing. The Brockham X4Z well was intended to establish
whether the evidence of a potential reservoir reported at Horse Hill extended
further North into the Brockham Licence.
The operator announced that the preliminary results from Brockham X4Z confirm
very similar thickness of reservoir and properties to those reported at Horse
Hill. The gross thickness of Kimmeridge in Brockham X4Z is some 385m thick.
The two limestone intervals (each around 30m) tested in Horse Hill are also
seen in the Brockham well. The reservoir properties appear to be very similar
to Horse Hill, based on electrical logging evidence."
Prior to initiating production, the operator will first install a connection to
the UK's National Grid for the distribution of excess power generated on-site.
This power generation will have the added benefit of allowing the Company to
supply surplus power to the National Grid.
Upon completion of this installation, production from X4Z will commence.
Doriemus will update the market in due course.
The Company reiterates there will be no hydraulic fracturing or "fracking" at
the Brockham Oil Field.
Interest in Brockham Oil Field (PL 235):
Doriemus owns a 10% direct interest in the Brockham Oil Field which is held
under UK Production Licence PL 235.
The directors of the Company accept responsibility for the contents of this
announcement.
CONTACTS:
For further information on this update or the Company generally, please visit
our website at
www.doriemus.co.uk or contact:
Doriemus Plc
UK Contacts:
David Lenigas (Executive Chairman)
+44 (0) 20 7440
0640
Greg Lee (Technical Director)
Australia Contacts:
Julia Beckett (Joint Company Secretary)
+61 (08) 6141 3500
Email: julia.beckett@wolfstargroup.com.au
UK Advisors:
Peterhouse Corporate Finance Limited
+44 (0) 20 7469 0930
Guy Miller
Fungai Ndoro
FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE:
This document may contain forward looking statements that are subject to risk
factors associated with the oil and gas industry. It is believed that the
expectations reflected in these statements are reasonable, but they may be
affected by many variables which could cause actual results or trends to differ
materially.
Investors should make and rely upon their own enquiries before deciding to
acquire or deal in the Company's securities.
This report contains forecasts, projections and forward looking information.
Although the Company believes that its expectations, estimates and forecast
outcomes are based on reasonable assumptions it can give no assurance that
these will be achieved. Expectations, estimates and projections and
information provided by the Company are not a guarantee of future performance
and involve unknown risks and uncertainties, many of which are out of the
Company's control. Actual results and developments will almost certainly
differ materially from those expressed or implied. The Company has not audited
or investigated the accuracy or completeness of the information, statements and
opinions contained in this report. To the maximum extent permitted by
applicable laws, the Company makes no representation and can give no assurance,
guarantee or warranty, express or implied, as to, and takes no responsibility
and assumes no liability for (1) the authenticity, validity, accuracy,
suitability or completeness of, or any errors in or omission from, any
information, statement or opinion contained in this report and (2) without
prejudice to the generality of the foregoing, the achievement or accuracy of
any forecasts, projections or other forward looking information contained or
referred to in this report.