18 October 2017
Doriemus Plc
("Doriemus" or the
"Company")
Planning Permission Granted for
Further Flow Testing and Drilling
Horse Hill Oil Discovery, Weald
Basin, UK
Doriemus plc (Listed in Australia ASX:DOR and listed in London
NEX:DOR) (“Doriemus” or the “Company”), is pleased to
announce that it has been informed by Horse Hill Developments Ltd
("HHDL"), the operator of Horse Hill licences PEDL137 and PEDL246,
containing the Horse Hill-1 ("HH-1") oil discovery, that on
18 October 2017 Surrey County
Council's Planning and Regulatory Committee granted planning
permission to enable HHDL to carry out extended flow tests at HH-1,
plus drill and test both a sidetrack from the existing HH-1 well
and new borehole HH-2. The committee voted overwhelmingly in favour
of HHDL's planning application.
Along with the Environment Agency's approval of all necessary
permits, HHDL can now proceed with its Horse Hill appraisal
programme as soon as the similar extended flow testing programme
has been completed at our Broadford Bridge well site in West
Sussex.
Doriemus owns 10% of HHDL, which owns 65% of the Horse Hill
Licences which hosts the HH-1 oil discovery well, or a 6%
attributable interest in the licences.
The HH-1 Kimmeridge Limestone and Portland oil discovery well is
located within onshore exploration Licence PEDL137, on the northern
side of the Weald Basin, 3 km north of Gatwick Airport. As
previously reported in February and March
2016, two naturally-fractured limestone members within the
Kimmeridge section, known as KL3 and KL4, flowed dry, 40-degree API
oil, at an aggregate stabilised natural flow rate of 1,365 barrels
per day ("bopd") with no clear indication of depletion.
The overlying Portland flowed dry, 35-degree API gravity oil at
a stable pumped rate of 323 bopd. The Portland oil was produced at
the rod-pump's maximum achievable rate and thus flow was
constrained by the pump's mechanical capacity.
The directors of the Company accept responsibility for the
contents of this announcement.
CONTACTS:
For further information on this update or the Company generally,
please visit our website at
www.doriemus.co.uk or contact:
Doriemus Plc
UK Contacts:
David Lenigas (Executive Chairman)
+44 (0) 20 7440 0640
Greg Lee (Technical
Director)
Australia Contacts:
Julia Beckett (Joint Company
Secretary)
+61 (08) 6141 3500
Email: julia.beckett@wolfstargroup.com.au
UK Advisors:
Peterhouse Corporate Finance Limited
+44 (0) 20 7469 0930
Guy Miller
Fungai Ndoro
FORWARD LOOKING STATEMENTS AND
IMPORTANT NOTICE:
This document may contain forward looking statements that are
subject to risk factors associated with the oil and gas industry.
It is believed that the expectations reflected in these statements
are reasonable, but they may be affected by many variables which
could cause actual results or trends to differ materially.
Investors should make and rely upon
their own enquiries before deciding to acquire or deal in the
Company’s securities.
This report contains forecasts, projections and forward looking
information. Although the Company believes that its
expectations, estimates and forecast outcomes are based on
reasonable assumptions it can give no assurance that these will be
achieved. Expectations, estimates and projections and
information provided by the Company are not a guarantee of future
performance and involve unknown risks and uncertainties, many of
which are out of the Company’s control. Actual results and
developments will almost certainly differ materially from those
expressed or implied. The Company has not audited or investigated
the accuracy or completeness of the information, statements and
opinions contained in this report. To the maximum extent
permitted by applicable laws, the Company makes no representation
and can give no assurance, guarantee or warranty, express or
implied, as to, and takes no responsibility and assumes no
liability for (1) the authenticity, validity, accuracy, suitability
or completeness of, or any errors in or omission from, any
information, statement or opinion contained in this report and (2)
without prejudice to the generality of the foregoing, the
achievement or accuracy of any forecasts, projections or other
forward looking information contained or referred to in this
report.
