Doriemus completes the sale of its interest in the UK’s Lidsey Oil Field

  • Apr 23, 2019 AEST
  • Team Kalkine
Doriemus completes the sale of its interest in the UK’s Lidsey Oil Field

Doriemus Plc (ASX: DOR), an oil and gas explorer, announced on 23rd April 2019 that the company has completed the sale of its interest in the UK’s Lidsey Oil Field with Angus Energy Plc, for an exchange of 8,324,024 ordinary shares of Angus Energy Plc.

As per the company, the exchange of 8,324,024 ordinary shares presents a value of GBP 485,000 with respect to the last trading price of Angus Energy, which is equivalent to $882,000, as per the exchange rate of AUD1.82 per GBP.

The company previously mentioned that it had executed all the required sale and purchase agreements to sell its interest in the Lidsey Oil Field. The deal was pending upon the approval of the UK Government’s Oil & Gas Authority’s approval on the transfer of interest.

Also, Doriemus recently announced on 15th April 2019, that the company had received the final independent expert report from ERC Equipoise Pte Ltd (ERCE), which is a globally recognised independent specialist resource assessment consulting group. The report obtained by the company, contained the independent evaluation of ERCE on the prospective gas and liquids resources of the Butler prospect, which operates on permit EP487.

Upon receiving the independent assessment report, the company proposed to drill the first well on the Butler prospect approximately 50m inside the northern boundary of the permit EP487.

The proposed location of the first drill hole “Butler-1 well” is 1.9km from the Gibb River Road and 50m within the permit, which allowed the well trajectory to intersect both the most attractive portion of the Butler’s Sand Prospect and the Basin Centred Gas System within the Laurel formation.

The prognosis of well revealed that it is likely to intersect around 220m of good quality Laurel in Package 3 of the prospect, which hosts the wet gas window. Apart from the good quality Laurel in the wet gas window, the prognosis also revealed that the well is likely to intersect a total thickness of almost, 1,700m of tight Laurel, of which around 140m is estimated by the company to be of wet gas window and remainder to be of the dry gas window.

However, Doriemus mentioned that the location of the well is just indicative and will require further final site review and approvals from all the related parties.

Farm-In Agreement Progress:

Doriemus mentioned that the company progressed through the final due diligence stage and signed off all the agreements, which will make the company eligible to earn 50% interest in the permit EP487. The company engaged previously with ERCE (the independent resource assessment specialist) to compile and complete the independent report.

The independent assessment report received by the company indicated high prospectivity for two plays in the permit EP487. As per the company, the proposed Butler well with target both the plays in the remaining year of 2019.

During the time of writing this report, the shares of the company re trading at A$0.065 (as on 23rd April 2019, 03:40 PM), down by 1.515% as compared to its previous close.


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