DOR Doriemus

 
TIDMDOR 
 
3 March 2014 
 
                                 Doriemus Plc 
 
                         ("Doriemus" or the "Company") 
 
      Increase in interest of Horse Hill Prospect in the UK Weald Basin. 
 
Doriemus Plc (AIM: DOR) is pleased to announce that it has increased its 
interest to 10%, from the previously announced 7.5%, in Horse Hill Development 
Ltd ("HHDL"), a special purpose company, that now owns a direct 65% 
participating interest and operatorship, in the highly prospective UK onshore 
Horse Hill Oil Field in the Weald Basin. 
 
Doriemus has previously announced that the Horse Hill-1 well, which is 
scheduled to be completed by the end of August 2014, is planned to test a 
number of conventional stacked oil targets at the proven productive Portland 
sandstone, Corallian sandstone and Great Oolite limestone levels. Prospective 
recoverable resources totalling a mean 87 million barrels ("mmbbls") have been 
estimated; with an additional mean 164 billion cubic feet ("bcf") of 
recoverable prospective resources proposed within the deeper Triassic gas play. 
 
Donald Strang, the Company's Chairman, commented: 
 
"The board sees the spudding of the Horse Hill-1 well over the next few months 
as an exciting development for the Company and for the overall prospectivity 
and potential of the Weald Basin as a whole." 
 
"The board has therefore decided, prior to spudding the well, to increase its 
interest in the operator, Horse Hill Development Limited to 10%." 
 
Transaction details: 
 
The consideration for the additional 2.5% interest in HHDL shall be satisfied 
as follows: 
 
  * Doriemus will immediately pay HHDL GBP3,333 towards the cost of the Horse 
    Hill-1 Well; 
 
  * On completion of all necessary legal documentation, expected to be 
    completed within 30 days, Doriemus will make a further payment of GBP16,667 
    to HHDL towards the cost of the Well; and 
 
  * Doriemus shall bear a further total sum of GBP130,000 of cash calls for the 
    drilling of the Well to be drilled on the Horse Hill Licence to own the 
    additional 2.5% interest in HHDL, thereby taking Doriemus's interest up to 
    a 10% in HHDL. 
 
Glossary: 
 
Prospective Resources - Prospective resources are estimated volumes associated 
with undiscovered accumulations. These represent quantities of petroleum which 
are estimated, as of a given date, to be potentially recoverable from oil and 
gas deposits identified on the basis of indirect evidence but which have not 
yet been drilled. This class represents a higher risk than contingent resources 
since the risk of discovery is also added. For prospective resources to become 
classified as contingent resources, hydrocarbons must be discovered, the 
accumulations must be further evaluated and an estimate of quantities that 
would be recoverable under appropriate development projects prepared. 
 
                                     -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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