DOR Doriemus

 
TIDMDOR 
 
4 March 2014 
 
                            Doriemus Resources Plc 
 
                         ("Doriemus" or the "Company") 
 
          Work commences on Horse Hill-1 well in the UK Weald Basin. 
 
Doriemus Plc (AIM: DOR) is pleased to announce that civil works have now 
commenced on the Horse Hill site in the UK Weald Basin in preparation for the 
drilling of the proposed 2,646 metre (8,680 feet) Horse Hill-1 well on the 
Horse Hill Prospect, which lies about 3 kilometres from Gatwick Airport and is 
designed to test a number of promising conventional oil and gas targets. 
 
The Horse Hill-1 well, which is scheduled to be completed by the end of August 
2014, is planned to test several conventional stacked oil targets at the proven 
productive Portland sandstone, Corallian sandstone and Great Oolite limestone 
levels in the well-defined Horse Hill Prospect. Gross prospective recoverable 
resources in these stratigraphic levels totalling a mean 87 million barrels 
("mmbbls") have been estimated by the previous operator Magellan Petroleum 
Corporation. An additional mean 164 billion cubic feet ("bcf") of gross 
recoverable prospective gas resources were also estimated by Magellan Petroleum 
within the deeper Triassic play. 
 
Donald Strang, the Company's Chairman, commented: 
 
"The Horse Hill-1 well, one of the deepest to be drilled in the Weald Basin, 
has significant potential to discover oil, especially after the results of 
ExxonMobil in the 1960's, but the Company is particularly excited about the 
potential of locating significant conventional gas deeper down the Horse Hill-1 
well into the Triassic." 
 
"Any success in the Triassic on the Horse Hill-1 well could add upside 
potential below the current Brockham producing oil zones, as Brockham is 
immediately adjacent to the Horse Hill licence." 
 
Doriemus has a binding agreement in place to own a 10% interest in Horse Hill 
Development Ltd ("HHDL"), a special purpose company, which now owns a 65% 
participating interest and operatorship of onshore licence PEDL137 ("Horse 
Hill") in the UK Weald Basin. 
 
Horse Hill Wood Prospect: 
 
The participants in the Horse Hill-1 well are the operator Horse Hill 
Development Limited with 65% and Magellan Petroleum Corporation with a 35% 
interest. 
 
As previously reported on 13 January 2014 (see hereafter), the 99.29 square 
kilometres (24,525 acre) Exploration and Development Licence No. 137 ("PEDL 
137") is located in the Weald Basin in Surrey. 
 
The Horse Hill Wood prospect lies about 3 kilometres from Gatwick Airport and 
covers an area of up to 16 square kilometres in the south-west of PEDL 137. The 
trap is a seismically defined tilted horst structure, similar to the Palmers 
Wood oil field which lies only about 20 kilometres to the north-east. The 
Collendean Farm-1 well, drilled by ExxonMobil in 1964, lies on the 
north-eastern edge of the Horse Hill Wood structure and found good oil shows at 
various Jurassic levels. Recent seismic re-interpretation suggests that the 
Collendean Farm-1 well was drilled off structure on the downthrown side of the 
bounding fault and outside closure. 
 
The Triassic reservoir has yet to be tested in this part of the Weald Basin and 
if present is likely to be gas charged. 
 
The Horse Hill Wood Prospect's OIP and GIP and Prospective Resources estimated 
by Magellan are summarised in Table 1 below. 
 
Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources. 
 
       Target                   OIP               OIP           Prospective 
      Reservoir          Upside Potential        Mean            Resources 
        Oil                  (mmbbls)          (mmbbls)        Mean (mmbbls) 
 
Upper Portland                  116                57               17 
Sandstone 
 
Lower Portland                  284               147               44 
Sandstone 
 
Corallian Sandstone             67                 33               10 
 
Greater Oolite                  204               104               16 
Limestone 
 
Total Oil                       671               341               87 
 
       Target                   GIP               GIP           Prospective 
      Reservoir           Upside Potential       Mean            Resources 
        Gas                    (bcf)             (bcf)           Mean (bcf) 
 
Triassic Sandstone              456               234               164 
 
Competent Person's Statement: 
 
The information contained in this report has been prepared by Magellan 
Petroleum (UK) Limited, and has been reviewed and approved by Mr Mervyn Cowie 
BSc (Geology & Mineralogy), who has over 35 years' experience as a geologist. 
Mr Cowie is a Fellow of the Australian Institute of Mining and Metallurgy and 
is recognised as a qualified person under the AIM Rules . The technical 
disclosure in this report complies with the SPE-PRMS standard. 
 
Glossary: 
 
MMSTB - million stock barrels 
 
Bcf - billion cubic feet 
 
OOIP - Original Oil in Place 
 
OGIP - Original Gas in Place 
 
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 (Nominated Adviser and Broker) +44 (0) 20 7628 2200 
Simon Clements / Virginia Bull 
 
 
 
END 
 

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