DOR Doriemus

 
TIDMDOR 
 
3 December 2013 
 
                                 Doriemus Plc 
 
                         ("Doriemus" or the "Company") 
 
   New Producing Oil Investment - Brockham Oil Field in the Weald Basin, UK. 
 
Doriemus Plc (AIM: DOR) is pleased to announce that it has signed a Binding 
Term Sheet ("BTS") with Angus Energy No. 3 Limited ("Angus Energy No.3") to 
acquire an initial participating 10% in United Kingdom Production Licence PL 
235, which comprises the producing onshore Brockham Oil Field ("Brockham") on 
the northern flank of the Weald Basin at Brockham in Surrey. 
 
Highlights: 
 
  * Brockham is currently producing 42 bopd of 28 degree API crude from the 
    Brockham-1 well. 
 
  * Current production costs are around $45 per barrel. 
 
  * A well stimulation programme is due to be completed on Brockham-1 during 
    December 2013. 
 
  * A new side track on the shut in Brockham-4 well is scheduled to be drilled 
    in January 2014 to intersect other parts of the reservoir. 
 
  * 46 km of seismic has recently been acquired and a new CPR has been 
    commissioned. 
 
Donald Strang, the Company's Chairman, commented: 
 
"The Company sees significant upside potential at Brockham, similar to what we 
have seen at the Lidsey oil field where the current well work over is 
progressing, with an imminent well work over planned and a new side track 
planned for very early in the New Year." 
 
"This Brockham oil field investment is the second such UK onshore producing oil 
investment under the Company's new stated investment strategy over the past few 
months and represents an opportunity for Company to further increase its UK 
conventional onshore oil production." 
 
Brockham Oil Field: 
 
The Brockham Oil Field was discovered by BP in 1987 when BP drilled the 
Brockham-1 well and initially flowed 95 bopd of 27.5 API crude from the 
Portland sands reservoir. Brockham is held under United Kingdom Production 
Licence PL 235. 
 
Brockham is now owned by: 
 
  * Angus Energy No.3 Limited (60% interest and Operator) 
 
  * Terrain Energy Ltd (20% interest) 
 
  * Doriemus (10% interest) 
 
  * Brockham Energy (10% interest) 
 
The Brockham surface facilities are fully permitted and operational with onsite 
oil storage facilities of 1,200 barrels. 
 
Current production costs at the current production of 42 bopd are around $45 
per barrel. All production is currently sold to the Perenco BP refinery. 
 
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 No.3 has been paid an initial cash payment of GBP 
5,000 and will be issued 130 million ordinary shares in Doriemus (the 
"Consideration Shares") within 10 days of signing of the BTS. Angus Energy will 
also be paid an addition payment of GBP100,000 on signing of the formal Farm In 
Agreement ("FIA"), which will be executed within 30 days of signing of the BTS. 
Doriemus will be responsible for paying GBP100,000 towards the side-track on 
Brockham-4 which is scheduled for January 2014. 
 
Application has been made for the Consideration Shares to be admitted to 
trading on AIM and it is anticipated that Admission will occur on 12 December 
2013. 
 
Following Admission, the Company's enlarged issued share capital will comprise 
4,189,999,998 ordinary shares. The Company does not hold any shares in 
treasury. This figure of 4,189,999,998 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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