8 September 2017
Doriemus Plc
("Doriemus" or the
"Company")
Drill Rig arrives
at Lidsey Oil Field – Weald Basin UK.
Doriemus (NEX: DOR) is pleased to announce that the operator of
the Lidsey Oil Field, Angus Energy Plc (“Angus Energy”), have
advised that the British Drilling and Freezing Company Limited
drilling rig #28 has arrived on location at the Lidsey Oil
Field and is in the process of rigging up and undergoing pre-rig
acceptance. Ancillary equipment and casing is already on site and
equipment inspections continue. The Lidsey Oil Field is a fully
permitted onshore production site located at the southern edge of
the Weald Basin near Bognor Regis on the UK’s south coast.
As previously announced, the Company expects an operating window
of approximately six weeks from the spud date early next week to
actual production from Lidsey-X2.
Angus Energy has advised that the plan is to spud (official
start of the drilling process) the Lidsey-X2 horizontal production
well early next week. Lidsey-X2 will be a conventional production
well targeting the existing Great Oolite reservoir, and in addition
the well will also pass through the Kimmeridge formation and enable
Angus Energy to assess its potential in the southern edge of the
Weald Basin.
The Kimmeridge formation will be logged thoroughly as part of
the drilling process. The existing production well Lidsey-X1 has
been temporarily suspended due to the site preparation works
required for the drilling of Lidsey-X2, however design options are
under consideration to turn it into a water injector or Kimmeridge
producer depending on Lidsey-X2 drilling results.
David Lenigas, Doriemus’s Chairman,
commented;
“The arrival of the drilling rig at Lidsey is
excellent news for the Company and its partners. The Lidsey Oil
Field has the big benefit of being a fully permitted operation
already with significant surface infrastructure already in place to
handle new oil production meaning this well can be drilled and
brought in to production relatively quickly. Although the Greater
Oolite is the primary target for oil production from this well we
do know that the exciting Kimmerdge units do exist above the
Greater Oolite at Lidsey, and any discovery of moveable oil in the
Kimmeridge here could significantly expand the overall potential of
the Weald Basin.”
Interest in the Lidsey Oil Field (PL
241):
Doriemus owns a 20% direct interest in the onshore Lidsey Oil
Field (PL 241)(Production Licence) which has the right under the
21 November 2013 Farm-Out Agreement,
to own 30% of the next well on the Lidsey Oil Field. This next well
is the Lidsey-X2 well. The Lidsey Oil Field is operated bt Angus
Energy Plc.
The directors of the Company accept responsibility for the
contents of this announcement.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please
contact:
Doriemus Plc
www.doriemus.com
David Lenigas (Executive
Chairman)
+44 (0) 20 74400640
Hamish Harris (Non-Executive
Director)
Peterhouse Corporate Finance
Limited
+44 (0) 20 7469 0930
Guy Miller
Fungai Ndoro