DOR Doriemus

TIDMDOR

RNS Number : 0584T

Doriemus PLC

14 November 2013

14 November 2013

Doriemus Plc

("Doriemus" or the "Company")

Increased interest in UK onshore Lidsey Oilfield to 20%

Doriemus Plc (AIM: DOR) is pleased to announce that the Company has today agreed with Angus Energy Weald No. 3 Limited ("Angus Energy") to increase its participating interest in the Lidsey Oilfield ("Lidsey") in West Sussex from 10% to 20% with immediate effect.

The Company still has a first right of refusal to increase its participating interest in Lidsey from 20% to 25%.

Donald Strang, The Company's Chairman, commented:

"The recent success in increasing oil production from 25 bopd to 84 bopd this week and the potential to further increase production in the coming weeks has cemented the board's commitment to increasing the Company's stake as soon as possible in this exciting UK onshore conventional oil field."

"The new CPR on Lidsey is due within the month and Doriemus looks forward to planning for the new Lidsey-2 well scheduled for spudding towards the end of Q1 next year."

Terms of deal to increase participating interest:

In consideration for the increase in the participating interest, Angus Energy will be paid an initial cash payment of GBP10,000, followed by three additional cash payments amounting to an aggregate of GBP140,000 and will be issued 100 million ordinary shares in Doriemus (the "Consideration Shares").

Application will be made to have the Consideration Shares admitted to trading on AIM on completion of the necessary agreements required to formally increase the Company's participating interest in Lidsey to 20%. This is expected to be completed by 22 November 2013.

Following Admission, the Company's enlarged issued share capital will comprise 4,059,999,998 ordinary shares. The Company does not hold any shares in treasury. This figure of 4,059,999,998 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 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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