Horse Hill Oil Field Update

4 March 2014 Doriemus Resources Plc ("Doriemus" or the "Company") Work commences on Horse Hill-1 well in the UK Weald Basin. Doriemus Plc (AIM: DOR) is pleased to announce that civil works have nowcommenced on the Horse Hill site in the UK Weald Basin in preparation for thedrilling of the proposed 2,646 metre (8,680 feet) Horse Hill-1 well on theHorse Hill Prospect, which lies about 3 kilometres from Gatwick Airport and isdesigned to test a number of promising conventional oil and gas targets. The Horse Hill-1 well, which is scheduled to be completed by the end of August2014, is planned to test several conventional stacked oil targets at the provenproductive Portland sandstone, Corallian sandstone and Great Oolite limestonelevels in the well-defined Horse Hill Prospect. Gross prospective recoverableresources in these stratigraphic levels totalling a mean 87 million barrels("mmbbls") have been estimated by the previous operator Magellan PetroleumCorporation. An additional mean 164 billion cubic feet ("bcf") of grossrecoverable prospective gas resources were also estimated by Magellan Petroleumwithin the deeper Triassic play. Donald Strang, the Company's Chairman, commented: "The Horse Hill-1 well, one of the deepest to be drilled in the Weald Basin,has significant potential to discover oil, especially after the results ofExxonMobil in the 1960's, but the Company is particularly excited about thepotential of locating significant conventional gas deeper down the Horse Hill-1well into the Triassic." "Any success in the Triassic on the Horse Hill-1 well could add upsidepotential below the current Brockham producing oil zones, as Brockham isimmediately adjacent to the Horse Hill licence." Doriemus has a binding agreement in place to own a 10% interest in Horse HillDevelopment Ltd ("HHDL"), a special purpose company, which now owns a 65%participating interest and operatorship of onshore licence PEDL137 ("HorseHill") in the UK Weald Basin. Horse Hill Wood Prospect: The participants in the Horse Hill-1 well are the operator Horse HillDevelopment Limited with 65% and Magellan Petroleum Corporation with a 35%interest. As previously reported on 13 January 2014 (see hereafter), the 99.29 squarekilometres (24,525 acre) Exploration and Development Licence No. 137 ("PEDL137") is located in the Weald Basin in Surrey. The Horse Hill Wood prospect lies about 3 kilometres from Gatwick Airport andcovers an area of up to 16 square kilometres in the south-west of PEDL 137. Thetrap is a seismically defined tilted horst structure, similar to the PalmersWood oil field which lies only about 20 kilometres to the north-east. TheCollendean Farm-1 well, drilled by ExxonMobil in 1964, lies on thenorth-eastern edge of the Horse Hill Wood structure and found good oil shows atvarious Jurassic levels. Recent seismic re-interpretation suggests that theCollendean Farm-1 well was drilled off structure on the downthrown side of thebounding fault and outside closure. The Triassic reservoir has yet to be tested in this part of the Weald Basin andif present is likely to be gas charged. The Horse Hill Wood Prospect's OIP and GIP and Prospective Resources estimatedby Magellan are summarised in Table 1 below. Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources. Target OIP OIP Prospective Reservoir Upside Potential Mean Resources Oil (mmbbls) (mmbbls) Mean (mmbbls) 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 GIP GIP Prospective Reservoir Upside Potential Mean Resources Gas (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 approved by Mr Mervyn CowieBSc (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 recognised as a qualified person under the AIM Rules . The technicaldisclosure in this report complies with the SPE-PRMS standard. 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- For further information, please contact: Doriemus plc +44 (0) 20 7440 0640Donald Strang / Hamish Harris Sanlam Securities UK Limited (Nominated Adviser and Broker) +44 (0) 20 7628 2200Simon Clements / Virginia Bull