July 10, 2017 - 11:51 AM EDT
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Doriemus PLC - Right to 30% of Lidsey-X2 well and Issue of Equity

10 July 2017

Doriemus Plc
("Doriemus" or the "Company")

Right to 30% interest in Lidsey-X2 oil well, Lidsey Oil Field, onshore UK

Issue of equity to fund acquisitions.

Doriemus (NEX: DOR) announces that it has a right to a 30% interest in the proposed new Lidsey-X2 oil production well (representing an additional 10% interest on this initial well given the Company’s 20% interest in the Lidsey Oil Field), as determined by the Doriemus farm-out agreement with Angus Energy Plc of 21 November 2013, and has completed a fundraising of £650,000 to meet the additional expenditure obligations that the Company is expecting whilst drilling this well and putting it into production.

David Lenigas, Doriemus’s Chairman, commented; “This increased interest in the share of a soon to-be-drilled oil production well at the fully approved and permitted onshore Lidsey Oil Field in the southern part of the UK’s Weald Basin, should add additional revenue to Doriemus once the X2 well is brought on-line. The Company is optimistic that the Kimmeridge limestones and shales to be drilled before the well hits the Greater Oolite limestone target, could add another exciting dimension to this well.”

The onshore Lidsey Oil Field (PL 241) UK production licence is located near Bognor Regis in the south of the United Kingdom and at the southern edge of the Weald Basin. The proposed Lidsey-X2 horizontal production well is expected to test the Kimmeridge limestones and shales before hitting the targeted upper crest of the known Great Oolite reservoir.

The operator, Angus Energy Plc, has advised that they are waiting for the final approvals from the UK Health and Safety Executive (“HSE”) and the UK Oil and Gas Authority (“OGA”) prior to drilling Lidsey-X2, and have advised that their plans are to have this well drilled and in production this summer.

In order to fund the extra expenditure associated with this well at Lidsey and to fund additional working capital for potential further acquisitions in the Weald Basin, the Company has therefore raised £650,000, gross of expenses, through the issue of 1,857,142,568 new Ordinary Shares of 0.001p each in the Company ("Placing Shares") at a placing price of 0.035 pence per share with private investors ("the "Placing"). On admission, the Placing Shares rank pari passu with the existing Ordinary Shares.

The Company will therefore have 14,383,428,568 Ordinary Shares in issue with voting rights and admitted to trading on the NEX Exchange Growth Market. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Interest in the Lidsey Oil Field (PL 241):

Doriemus owns a 20% direct interest in the onshore Lidsey Oil Field (PL 241) which has the right under the 21 November 2013 Farm-Out Agreement, to own 30% of the next well on the Lidsey Oil Field. This next well is the proposed Lidsey-X2 well.

The directors of the Company accept responsibility for the contents of this announcement.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Doriemus Plc


David Lenigas (Executive Chairman)      +44 (0) 20 74400640
Hamish Harris (Non-Executive Director)

Peterhouse Corporate Finance Limited   +44 (0) 20 7469 0930

Guy Miller
Fungai Ndore

Source: PR Newswire (July 10, 2017 - 11:51 AM EDT)

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