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Lidsey Oilfield Update

12 Nov 2013 11:39

DORIEMUS PLC - Lidsey Oilfield Update

DORIEMUS PLC - Lidsey Oilfield Update

PR Newswire

London, November 12

12 November 2013 Doriemus Plc ("Doriemus" or the "Company") Lidsey Oilfield Update- Increased oil production Doriemus plc (AIM: DOR) is pleased to announce that, further to theannouncement on 7 November 2013, the well stimulation phase of the Lidsey-1well work-over on the Lidsey Oilfield ("Lidsey") in West Sussex has beensuccessfully completed and oil production from this first phase of the plannedthree phase programme has resulted in an initial 236% increase in production inthe first 24 hours to 84 bopd net from the previous 25 bopd. As previously announced, Doriemus owns a 10% participating interest in theLidsey oil field and has a first right of refusal to increase its participatinginterest to up to 25%. Donald Strang, Doriemus' Chairman, commented: "The first phase of a three stage programme has gone better than expected andwe look forward to the results of the next two phases of work being completedat Lidsey over the coming weeks." For further information please contact: Doriemus plc +44 (0) 20 7440 0640 Donald Strang / Hamish Harris Sanlam Securities UK Limited (Nominated Adviser and +44 (0) 20 7628 2200Broker) Simon Clements / Virginia Bull Notes to Editors The Lidsey Oilfield is owned by Angus Energy Weald Basin No. 3 Limited (90%interest and Operator) and Doriemus (10% interest), and is held under UnitedKingdom Production Licence PL241. Lidsey has one vertical producing well in theJurassic, Great Oolite reservoir which has produced an average of 25 bopd of 38API oil over the past 12 months. The Lidsey surface facilities are fullypermitted and operational with onsite oil storage of 2,000 barrels. The full work-over programme on Lidsey-1 will comprise a well stimulation, afull clean-out of the well to total depth and perforation of a potential 30feet of new oil zones above the existing 2 feet of perforations, followed bythe installation of a new completion assembly. The entire programme is expectedto be completed over the coming weeks.
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