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Update on investment in Lidsey Oil Field

11th Jun 2014 07:00

DORIEMUS PLC - Update on investment in Lidsey Oil Field

DORIEMUS PLC - Update on investment in Lidsey Oil Field

PR Newswire

London, June 10

11 June 2014 Doriemus plc ("Doriemus" or the "Company") Update on investment in Lidsey Oil Field Doriemus Plc (AIM: DOR) is pleased to announce that work has started on thesecond stage well intervention on the producing Lidsey-1 well in the UK WealdBasin. This second stage production enhancement programme is expected to takeapproximately one week to complete. Donald Strang, the Company Chairman commented: "The production improvement programme on the Lidsey Oil Field is designed toopen up the existing un-tapped sections of the Lidsey-1 well. Results of thisprogramme will be announced when completed." Lidsey Oil Field (20% owned by DOR and operated by Angus Energy): The Lidsey Oil Field ("Lidsey"), in the Weald Basin, is held under UnitedKingdom Production Licence PL 241. Oil production was 25 bopd, prior to are-completion programme completed in November and December 2013, which resultedin a temporary boost in oil production. Production has steadily declined to 36bopd and Angus Energy has now formally advised the partners in Lidsey that anew re-completion is being planned in order to again increase production. Lidsey has a fully permitted and operational 2,000-barrel storage facility andits 38 API oil is regularly trucked and sold to the Perenco Oil Refinery. In March 2014, DOR announced that RPS had independently assessed that, as at 31December 2013, the Lidsey Field contained 9.52 million barrels (gross) of P50best case Oil In-Place. The drilling of the new Lidsey-2 well has now been postponed until after theLidsey-1 well re-completion has been completed. Glossary: API American Petroleum Institute measure of the gravity of oil bopd Barrels of oil per day Enquiries: Doriemus plc +44 (0) 20 7440 0640Donald Strang/Hamish Harris Cairn Financial Advisers LLP +44 (0) 20 7148 7900Nominated Adviser and BrokerJames Caithie/ Jo Turner/ Carolyn Sansom

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