LONDON (Alliance News) - Doriemus PLC, which is part of the group of companies involved in the Horse Hill oil project near Gatwick airport, Friday said its losses widened in 2014, with Chairman Donald Strang highlighting areas of potential for the new financial year.
The company reported a GBP622,000 loss before and after tax in 2014, compared with the GBP450,000 booked in 2013, mainly due to lower revenue, a loss on equity swap settlements and investment in subsidiaries written-off.
Doriemus, which has interests in oil fields operated by Angus Energy Ltd, said it currently has assets of GBP1.6 million, with GBP1.2 million of that amount in cash, and no debt. Following the end of its last financial year, on March 12, the company raised GBP1.2 million by issuing 2.0 billion shares at 0.06 pence per share.
"The next financial year should see significant improvements in production at two of Angus Energy's licences, Lidsey and Brockham, with a new crestal production well proposed to be drilled on Lidsey and a sidetrack of an existing well proposed on Brockham. We should also know the outcome of the Horse Hill-1 well test with relation to the commercial viability of the Portland oil discovery and further 'proof of concept' for the Kimmeridge Limestone play," Strang said in a statement.
The chairman said the board is confident in the investments made since changing the company's investment strategy to focus on companies and projects within the natural resources sector.
"We will look to realise this potential over the future years in addition to continuing to review further investment opportunities as they arise. We believe the company is now well placed to create meaningful future shareholder value," Strang said in a statement.
"We will continue to seek out further investments in line with the company's investment strategy and will also work closely with Angus Energy on potentially increasing our oil production from the existing operating fields," Strang said.
Doriemus shares were up 3.7% at 0.0700 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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