7th Nov 2013 11:47
DORIEMUS PLC - Lidsey Oilfield UpdateDORIEMUS PLC - Lidsey Oilfield Update
PR Newswire
London, November 7
7 November 2013 Doriemus Plc ("Doriemus" or the "Company") Lidsey Oilfield - Commencement of work on Lidsey-1 Doriemus Plc (AIM: DOR) is pleased to announce that the operator of the LidseyOilfield ("Lidsey") in West Sussex has today commenced phase one of thework-over and re-completion of the producing Lidsey-1 well. Donald Strang, Doriemus' Chairman, commented: "The Company expects to see a significant increase in daily oil production fromthe current 25 bopd, particularly after the new perforation phase of theprogramme with new oil formations being opened above the existing productivesandstone. The current production of 25 bopd comes from a 2 foot perforatedsection of the Oolite reservoir, originally perforated in 1988, and theoperator has now opted to complete 30 feet of new perforations instead of the10 feet as previously announced." The full programme on Lidsey-1 will comprise a well stimulation, a fullclean-out to total depth and perforation of new oil zones which will bedetermined after a new extended logging run, followed by a new completionassembly. The entire programme is expected to be completed within two to fourweeks. In addition to the current work-over program an additional 48 kilometres ofseismic data of the Lidsey Oilfield has been purchased and reprocessing isplanned to identify possible new drilling targets and provide an updated CPRand an updated reserves report. The Lidsey Oilfield is owned by Angus Energy Weald Basin No. 3 Limited (90%interest and operator) and Doriemus (10% interest), and is held under UnitedKingdom Production Licence PL241. Lidsey has one vertical producing well in theJurassic, Great Oolite reservoir which has produced an average of 25 bopd of 38API oil over the past 12 months. The Lidsey surface facilities are fullypermitted and operational with onsite oil storage of 2,000 barrels. New oil production rates will be announced after the Lidsey-1 well is put backin to production. For further information please contact: Doriemus plc Donald Strang +44 (0) 207 440 0640 Hamish Harris Sanlam Securities UK Limited (Nominated Adviser and Broker)
Simon Clements/Virginia Bull +44 (0) 207 628 2200
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