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Lidsey Oilfield Update

31st Oct 2013 10:52

DORIEMUS PLC - Lidsey Oilfield Update

DORIEMUS PLC - Lidsey Oilfield Update

PR Newswire

London, October 31

31 October 2013 Doriemus Plc ("Doriemus" or the "Company") Lidsey Oilfield Update Doriemus Plc (AIM: DOR) is pleased to announce that it has now entered into thefarm-in and the Joint Operating Agreements with Angus Energy Weald Basin No. 3Limited ("Angus Energy") for the producing onshore Lidsey Oilfield ("Lidsey")in West Sussex, the terms of which were set out in the announcement dated 18October 2013. Accordingly, Doriemus now owns a participating 10% interest inLidsey. Doriemus has a 60 day first right of refusal period to negotiate increasing itsparticipating interest in Lidsey to 25%. Angus (90% interest and operator) and Doriemus (10% interest) are planning arework and recompletion programme on the Lidsey-1 producing well in order toincrease its overall production. The Lidsey Oilfield is held under United Kingdom Production Licence PL241 whichwas granted on 2 December 1983. Oil was discovered on Lidsey in 1987 by CarlessExploration when an exploration well successfully flowed oil. Lidsey has onevertical producing well in the Jurassic, Great Oolite reservoir which hasproduced an average of 25 bopd of 38 API oil over the past 12 months. TheLidsey surface facilities are fully permitted and operational with onsite oilstorage of 2,000 barrels. For further information please contact: Doriemus plcDonald Strang +44 (0) 207 440 0640Hamish Harris Sanlam Securities UK Limited(Nominated Adviser and Broker)Simon Clements/Virginia Bull +44 (0) 207 628 2200

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