LONDON (Alliance News) - Doriemus PLC Tuesday said production at its Lidsey Oilfield in West Sussex had risen more than threefold after the first stage of a work over of the Lidsey-1 well.
The oil and gas investment company said the work over completed successfully and initial production in the first 24 hours was 84 barrels of oil per day from an average 25 barrels of oil per day previously.
"The first phase of a three stage programme has gone better than expected and we look forward to the results of the next two phases of work being completed at Lidsey over the coming weeks," Doriemus' Chairman Donald Strang said in a statement.
The full three-stage programme at the Lidsey-1 site comprises a well stimulation, a full clean-out to total depth and the perforation of new oil zones after an extended logging run, followed by a new completion assembly.
Doriemus shares were up 17.1% to 0.240 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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