13th Mar 2014 12:14
LONDON (Alliance News) - Doriemus PLC and UK Oil & Gas Investments PLC Thursday announced positive results from reserves and resources statements at Lidsey and Brockham in the UK.
The oil and gas exploration and development company's said the report, carried out by RPS Energy Consultants Ltd for the sites operator Angus Energy Ltd, showed a P50 best case oil in-place on Lidsey of 9.5 million stock tank barrels and a P50 best case oil-in-place on Brockham of 3.6 million stock tank barrels.
The report showed 2P reserves of 36.0 million stock tank barrels and 2C contingent resources of 413.6 million stock tank barrels at the Lidsey field and 2P reserves of 47.0 million stock tank barrels at the Brockham field.
The companies said a new reserve and resource report will be commissioned after the drilling of a Brockham side-track well, due to start before the end of March, and the drilling of a new Lidsey-2 well to be drilled during April and May.
Both Doriemus and UKOG said that they expect a significant increase in production at both the Brockham Field and Lidsey Field following the new drilling.
UKOG has a 6% ownership in both fields while Doriemus has a 20% holding in Lidsey and a 10% holding in Brockham.
Doriemus shares were up 0.6% to 0.176 pence and UKOG shares were up 4.4% to 0.600 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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