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
www.doriemus.com
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