DOR Doriemus

 
TIDMDOR 
 
28 February 2014 
 
                                 Doriemus Plc 
 
                         ("Doriemus" or the "Company") 
 
                  Independent Report, Brockham Oil Field, UK 
 
                   Rig booked for Brockham side track well. 
 
 
 
Doriemus Plc (AIM: DOR) today announces the independent evaluation report by 
RPS Energy Consultants Limited ("RPS") of the summary of in place hydrocarbon 
volumes on the Brockham Field in the Weald Basin, UK for the Field's 80% owner 
and operator Angus Energy Ltd ("Angus Energy"). Doriemus has a direct 10% 
participating interest in the Brockham Field. The gross in-place volumes for 
the Brockham Field have been calculated at: 
 
  * P90 (Low Case) - 1.89 million barrels ("MMstb") 
 
  * P50 (Best Case) - 3.62 MMstb 
 
  * P10 (High Case) - 5.83 MMstb 
 
Angus Energy commissioned RPS Energy to prepare an updated independent 
evaluation of the Brockham Field to assist with preparation for the proposed 
new Brockham side track well scheduled to be spudded in about one month's time. 
The PW Wells Services 475 rig has been contracted for the side track well which 
is scheduled to mobilise to site in late March 2014. 
 
Donald Strang, the Company's Chairman, commented: 
 
"The Company looks forward shortly to the drilling of the side track well at 
Brockham, which is targeted to intersect the crestal part of the structure and 
is planned to be completed as a production well." 
 
"We are expecting the CPR from RPS on the much larger Lidsey Field to be 
published over the next few weeks, where the Company holds a 20% direct 
participating interest and the JV expects to drill the new Lidsey-2 well during 
the second quarter this year." 
 
Competent Person's Statement: 
 
The information contained in this announcement has been prepared by RPS Energy 
Consultants, and has been reviewed and signed off by Mr Gordon Taylor (CEng, 
CGeol) who has over 30 years' experience in upstream oil and gas. 
 
Mr Taylor is a Chartered Geologist and Chartered Engineer. The technical 
disclosure in this report complies with the 2007 SPE/AAPG/WPC/SPEE Petroleum 
Resource Management System ("PRMS"). 
 
Full extract from the RPS Report date 27 February 2014: 
 
EVALUATION OF BROCKHAM FIELD, ONSHORE UK 
 
In response to Angus Energy Limited's request of February 2014 and the Letter 
of Engagement dated 5th February 2014 with Angus Energy Limited (the 
"Agreement"), RPS Energy Consultants Limited ("RPS") is currently undertaking 
and will shortly complete an independent evaluation of liquid hydrocarbons in 
Licence PL235 in the United Kingdom (the "Properties") in which Angus Energy 
Limited ("Angus") has an interest. 
 
The evaluation is based on data and information available up to February 28th 
2014. 
 
The Services have been performed by an RPS team of professional petroleum 
engineers, geoscientists and economists and is based on the Operator's data, 
supplied through Angus. All Reserves and Resources definitions and estimates 
are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System 
("PRMS"). 
 
Our approach has been to review the Operator's technical interpretation of 
their base case geoscience and engineering data for the field for 
reasonableness and to review the ranges of uncertainty for each parameter 
around this base case in order to estimate a range of petroleum initially in 
place and recoverable. 
 
QUALIFICATIONS 
 
RPS is an independent consultancy specialising in petroleum reservoir 
evaluation and economic analysis. The provision of professional services has 
been solely on a fee basis. Mr Gordon Taylor, Director, Geoscience for RPS 
Energy, has supervised the evaluation. Mr Taylor is a Chartered Geologist and 
Chartered Engineer with over 30 years' experience in upstream oil and gas. 
 
Other RPS employees involved in this work hold at least a Master's degree in 
geology, geophysics, petroleum engineering or a related subject or have at 
least five years of relevant experience in the practice of geology, geophysics 
or petroleum engineering. 
 
BASIS OF OPINION 
 
The results presented herein reflects our informed judgement based on accepted 
standards of professional investigation, but is subject to generally recognised 
uncertainties associated with the interpretation of geological, geophysical and 
engineering data. The Services have been conducted within our understanding of 
petroleum legislation, taxation and other regulations that currently apply to 
these interests. However, RPS is not in a position to attest to the property 
title, financial interest relationships or encumbrances related to the 
properties. 
 
Our estimates of resources are based on the data set available to RPS, and 
provided by Angus. We have accepted, without independent verification, the 
accuracy and completeness of these data. 
 
The results represent RPS' best professional judgement and should not be 
considered a guarantee or prediction of results. It should be understood that 
any evaluation, particularly one involving exploration and future petroleum 
developments, may be subject to significant variations over short periods of 
time as new information becomes available. As stated in the Agreement, RPS 
cannot and does not guarantee the accuracy or correctness of any interpretation 
made by it of any of the data, documentation and information provided by the 
Company or others in accordance with the Agreement. The Consultant does not 
warrant or guarantee, through the Services, this report or otherwise, any 
geological or commercial outcome. 
 
Except with permission from RPS, this letter may only be used in accordance 
with the Agreement. It must not be reproduced or redistributed, in whole or in 
part, to any other person than the addressees or published, in whole or in 
part, for any purpose without the express written consent of RPS. 
 
SUMMARY OF IN PLACE HYDROCARBON VOLUMES 
 
Volumes of hydrocarbons initially in place in the Brockham field that have been 
estimated by RPS are summarised in Table 1. 
 
Field                           In-Place Volumes (MMstb) 
 
 
   Gross      Net Angus 
               Working 
              Interest 1 
 
        Low            Best     High     Low      Best       High 
 
       (P90)          (P50)    (P10)    (P90)     (P50)     (P10) 
 
Brockham Field 1       1.89     3.62     5.83     1.51       2.90      4.66 
 
1. The Brockham field lies in Licence PL235. Angus Energy working interest in 
Licence PL235 is 80% 
 
Note: To date the well performance on the Brockham field has been 
disappointing and suggests a low ultimate recovery (5-10%) from this in place 
volume. Approximately 214,790 barrels of oil have been produced from the field 
as at end September 2013. Remaining reserves attributable to the field will be 
included in a CPR to be completed by RPS during March 2014. 
 
                   Table 1: Brockham Field In Place Volumes 
 
Glossary 
 
 
 
MMstb                     million stock tank barrels of oil 
 
oil-in-place              the volume of oil estimated to have been initially in 
                          place 
 
P90                       There is estimated to be at least a 90% probability 
                          (P90) that the quantities in place equal or exceed 
                          this low estimate 
 
P50                       There is estimated to be at least a 50% probability 
                          (P50) that the quantities in place equal or exceed 
                          this best estimate 
 
P10                       There is estimated to be at least a 10% probability 
                          (P10) that the quantities in place equal or exceed 
                          this high estimate 
 
 
                                     -END- 
 
For further information please contact: 
 
Doriemus plc                                               +44 (0) 20 7440 0640 
Donald Strang / Hamish Harris 
 
Sanlam Securities UK Limited                               +44 (0) 20 7628 2200 
Nominated Adviser and Broker 
Simon Clements / Virginia Bull 
 
 
 
END 
 

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