1st Nov 2013 09:31
LONDON (Alliance News) - Doriemus PLC Friday said it has raised GBP360,000 in a placing of 400 million new shares, funds that will pay for its share of the revamp of the existing Lidsey-1 oil well in West Sussex as well as exploring the potential for starting a new well at the site.
The company Thursday signed a deal with Angus Energy making it joint operator of Angus' Lidsey oil well in return for a 10% interest in the field. The companies are planning to rework the well to increase production.
"This new funding will pay for the company's share of the planned work-over and recompletion on the Lidsey-1 production well over the coming weeks and technical work relating to a potential new production well being planned for spudding early next year, the first new conventional oil well on the oilfield since 1988," Doriemus Chairman Donald Strang said in a statement.
Doriemus shares were down 13% at 0.1 pence Friday morning, one of the biggest decliners on the London market.
By Steve McGrath; [email protected]; @SteveMcGrath1
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