DOR Doriemus

 
TIDMDOR 
 
18 October 2013 
 
                                 Doriemus plc 
 
                                (the "Company") 
 
                                UK Oil Farm-In 
 
Doriemos Plc (AIM: DOR) is pleased to announce that it has signed a Binding 
Term Sheet ("BTS") with Angus Energy Weald Basin No. 3 Limited ("Angus 
Energy"), a UK based oil production company, to farmin to a participating 10% 
in the producing onshore Lidsey Oilfield ("Lidsey") in West Sussex. Doriemus 
has a First Right of Refusal ("FROR") period to negotiate increasing its 
participating interest to 25%. 
 
Highlights: 
 
* Lidsey currently produces 25 bopd from the Lidsey-1 well, which has been in 
production since 2008, with current operating costs of $45 per barrel. 
 
* A work over on the Lidsey-1 well is planned before the end of October 2013 to 
increase production. 
 
* Doriemus has the option to maintain a 10% participating interest on the 
entire Oilfield by paying cash calls on a 2 for 1 basis on the next well at 
Lidsey and thereafter by paying cash calls on a 1 for 1 basis on any further 
wells. 
 
* In 2002, an independent Schlumberger report concluded the most like 1P 
reserves of the filed are 230 mstb or 5.75% of the STOIIP and with an 
additional well the 2P reserve would be 600 mstb or 6.5% of the STOIIP. 
 
* Angus Energy have acquired addition 2D seismic and revised reserves are in 
the process of being calculated. 
 
Donald Strang, the Company's Chairman, commented: 
 
"The acquisition of an initial 10% working interest in a producing UK oil field 
automatically makes Doriemos an oil producer in its own right and the Company 
looks forward to participating with Angus Energy in optimising the potential of 
the Lidsey Oilfield." 
 
"The Lidsey investment is the first investment under the Company's new stated 
investment strategy, and represents a very exciting new direction for Doriemos 
shareholders." 
 
The Lidsey Oilfield ("Lidsey") is held under United Kingdom Production Licence 
PL241 which was granted on 2 December 1983. Oil was discovered on Lidsey in 
1987 by Carless Exploration when an exploration well successfully flowed oil. 
Lidsey has one vertical producing well in the Jurassic, Great Oolite reservoir 
which has produced an average of 25 bopd of 38 API oil over the past 12 months. 
The Lidsey surface facilities are fully permitted and operational with onsite 
oil storage of 2,000 barrels. 
 
The Licence is an ever green production licence, providing the field remains an 
active oil production status. A rent review on the Licence is expected in 2017. 
 
Terms of the Acquisition: 
 
In consideration, Angus Energy have been paid an initial cash payment of GBP 
10,000 and will be issued 100 million ordinary shares in Doriemus (the 
"Consideration Shares") on signing of the BTS. Angus Energy will also be paid 
an addition payment of GBP230,000 on signing of the formal Farm In Agreement 
("FIA") which will be executed on or before 18 November 2013. 
 
Angus has granted Doriemus a 60 day FROR to purchase an additional 15% 
participating interest in the Licence following completion of the FIA. 
 
Application has been made for the Consideration Shares to be admitted to 
trading on AIM and it is anticipated that Admission will occur on 25 October 
2013. 
 
Following Admission, the Company's enlarged issued share capital will comprise 
3,559,999,998 ordinary shares. The Company does not hold any shares in 
treasury. This figure of 3,559,999,998 ordinary shares may be used by 
shareholders in the Company as the denominator for the calculations by which 
they will determine if they are required to notify their interest in, or a 
change in their interest in, the share capital of the Company under the FCA's 
Disclosure and Transparency Rules. 
 
For further information please contact: 
 
Doriemus plc 
 
Donald Strang                               +44 (0) 207 440 0640 
 
Hamish Harris 
 
Sanlam Securities UK Limited 
 
Simon Clements/Virginia Bull                +44 (0) 207 628 2200 
 
 
 
 
END 
 

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