Horse Hill Oil Field Farm-in

13 January 2014 Doriemus Plc ("Doriemus" or the "Company") Farm-in to Horse Hill Prospect in the UK Weald Basin Doriemus Plc (AIM: DOR) is pleased to announce that it has signed a BindingTerm Sheet ("BTS") to acquire an initial 7.5% interest in Horse HillDevelopment Ltd ("HHDL"), a special purpose company that holds the rights to a65% participating interest and operatorship in the highly prospective UKonshore Horse Hill Oil Field in the Weald Basin. Doriemus also has the rightunder the BTS, at its sole discretion, to increase its ownership of HHDL to 15%by 31 January 2014. The total consideration payable by Doriemus for the initial7.5% is £450,000, mostly comprising monies to be used for drilling. Theconsideration will be satisfied by a combination of existing cash balances andfunding facilities already in place. Details of the transaction are givenbelow. Highlights: * The target for the Horse Hill Prospect are stacked oil and gas targets in the proposed 2,646 m (5,680 ft.) well. * Upside potential of an estimated 671 million stock barrels ("MMSTB") oil in place with an estimated total mean recoverable prospective resources of 87 MMSTB (Source: Magellan Petroleum (UK) Limited) * Additional prospectivity of 456 Bcf gas in place (mean 164+ Bcf recoverable prospective resource) in the proposed Triassic gas play (Source: Magellan Petroleum (UK) Limited) * The first well is expected to spud in Q2 2014. Donald Strang, the Company's Chairman, commented: "This Horse Hill Prospect is immediately adjacent and to the east of theCompany's producing Brockham Field and we look forward to participating in thisexciting conventional oil and gas play with tremendous potential upsidealongside other notable investors." About Horse Hill Prospect: The Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137)is located in Surrey. Magellan Petroleum (UK) Limited, a subsidiary of NASDAQ-listed MagellanPetroleum Corporation ("Magellan"), currently owns 100% of the 99.29 km2(24,525 acre)PEDL 137 ("Horse Hill") and has agreements with HHDL for HHDL toearn a direct 65% participating interest and operatorship in the Licence, undercertain contractual conditions, by the drilling of the proposed 2,646 m (8,680ft) Horse Hill-1 well by the end of August 2014. The newly defined Horse Hill prospect covers an area of up to 16 km2 in thesouth-west quadrant of PEDL 137. It is a tilted horst structure, similar to thePalmers Wood oil field structure which lies approximately 20 km to thenorth-east. The Collendean Farm-1 well was drilled by ESSO in 1964 on thenorth-eastern edge of the Horse Hill structure and found good oil shows. Recentseismic re-interpretation shows the Collendean Farm-1 well was drilled on thewrong side of a significant fault. The Horse Hill Prospect could contain up to an estimated 671 MMSTB oil inplace, the majority in the Lower Portland sandstone which alone has anestimated upside oil in place potential of 284 MMSTB. The Collendean Farm-1well confirms reservoir presence with porosity of 27% and a net: gross of 0.95,with an expected oil recovery rate in the region of 30%. The reservoirs aresealed by the Purbeck anhydrite and calcareous mudstones. Potential probablyalso exists in the Corallian sands sealed by the overlying Kimmeridge Clay.Estimated total mean recoverable prospective resources of oil for the Portlandsandstone, Corallian sandstone and Great Oolite limestone are 87 MMSTB. Importantly, the Horse Hill Prospect is considered to have additionalprospectivity of 456 Bcf gas in place (Mean 164+ Bcf recoverable prospectiveresource) in the proposed Triassic gas play.The Triassic sandstone is theexpected reservoir with an anticipated porosity of in the order of 18%, net:gross of 0.58 and recovery factor of up to 70%. The stacked play potential ofthis prospect is, therefore, considered substantial by the Board of Doriemus. The Horse Hill Prospect OOIP and OGIP and prospective resources are summarisedin Table 1. Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources. Target Reservoir OOIP OOIP Prospective Resources Oil Upside Potential Mean (MMSTB) (MMSTB) Mean (MMSTB ) Upper Portland 116 57 17Sandstone Lower Portland 284 147 44Sandstone Corallian Sandstone 67 33 10 Greater Oolite 204 104 16Limestone Total Oil 671 341 87 Target Reservoir OGIP OGIP Prospective Resources Gas Upside Potential Mean (Bcf) (Bcf) Mean (Bcf) Triassic Sandstone 456 234 164 Competent Person's Statement: The information contained in this report has been prepared by MagellanPetroleum (UK) Limited, and has been reviewed and signed off by Mr MervynCowieBSc (Geology & Mineralogy), who has over 35 years' experience as a geologist.Mr Cowie is a Fellow of the Australian Institute of Mining and Metallurgy andis a competent person under Australian Stock Exchange Rules. The technicaldisclosure in this report complies with the SPE-PRMS standard. Transaction details: The consideration due by Doriemusfor the initial 7.5% interest in HHDL shall bepaid as follows: 1. Doriemus will immediately pay HHDL £10,000 towards the cost of the Horse Hill1 Well. 2. On completion of all necessary legal documentation within 30 days, Doriemus will make a further payment of £50,000 to HHDL towards the cost of the Well. 3. Doriemus shall bear a further total sum of £390,000 of cash calls for the drilling of the Well to be drilled on the Horse Hill Licence. 4. Doriemus will have the exclusive right, at Doriemus's sole discretion, to double its interest to a 15% participating interest in HHDL by advising HHDL in writing of its intention to do so by 31 January 2014 and paying an immediate further £50,000 to HHDL towards the cost of the Well on this advice and guaranteeing to bear a further total sum of £400,000 of cash calls for the drilling of the Well. Glossary: MMSTB - million stock barrels Bcf - billion cubic feet OOIP - Original Oil in Place OGIP - Original Gas in Place Prospective Resources - Prospective resources are estimated volumes associatedwith undiscovered accumulations. These represent quantities of petroleum whichare estimated, as of a given date, to be potentially recoverable from oil andgas deposits identified on the basis of indirect evidence but which have notyet been drilled. This class represents a higher risk than contingent resourcessince the risk of discovery is also added. For prospective resources to becomeclassified as contingent resources, hydrocarbons must be discovered, theaccumulations must be further evaluated and an estimate of quantities thatwould be recoverable under appropriate development projects prepared. -END- Enquiries: For further information please contact: Doriemus plc +44 (0) 20 7440 0640Donald Strang / Hamish Harris Sanlam Securities UK Limited +44 (0) 20 7628 2200Nominated Adviser and BrokerVirginia Bull / Simon Clements / Catherine Miles