Doriemus Plc (ASX: DOR) is a United Kingdom-based oil and gas exploration and production company primarily focussed on the Weald Basin in Southern England, with interests in the Horse Hill and Brockham licences and the Isle of Wight. Besides, it also holds farm-in interests in the northern Canning Basin in Western Australia (WA).
On April 12th, 2019, Doriemus announced that the aggregate test production from the Horse Hill-1 discovery well now exceeds 40,000 barrels of oil from the Portland and Kimmeridge reservoirs at the Horse Hill oil field in the Weald Basin of the UK.
Horse Hill Developments Limited, the operator of HH-1 discovery well informed the company that oil production from the Portland reservoir continued at a steady rate of over 220 barrels of oil per day (bopd) delivering an aggregate total Portland oil volume exceeding 15,000 barrels to date. Besides, Horse Hill simultaneously advised that the average pumped rate from HH-1 continues to be maintained below the previously reported 362 bopd calculated optimised sustainable rate to ensure careful management of the diligent Portland reservoir.
Currently, the well is closed for a pressure build-up test (60 hours) before acquiring down hole pressure gauges. The programme works will commence after the recovery of pressure data and analysis, followed by continuation of the Portland test production. Besides, the initial preparations are nearly complete for the drilling of HH-1z and HH-2 in Q2 2019.
Also, on April 12th, 2019, the company announced that Angus Energy Plc, the operator of the Brockham Oil Field (PL 235) in the UK, has informed that the work had commenced on site to complete the flow testing of the Brockham X4Z well. The Brockham Licence spans across 8.9 km2 and situated in the northern portion of the onshore UK Weald Basin in Surrey, south of London. Doriemus holds 10% interest (direct) in the property.
After the identification of the Butler onshore conventional gas, condensate and oil prospect (permits EP 487 and EP 129), in the northern Canning Basin of WA, ERC Equipoise Pte Ltd were commissioned by the interest holders Doriemus and Buru Energy Limited to carry out the independent assessment of the resource.
ERC Equipoise confirmed the potential of the Butler prospect to host major conventional gas and liquids accumulation.
In March 2019, Rey Resources Limited (ASX: REY) informed the market that it had executed the definitive documentation including a binding Farmout Agreement which comprises an agreed form Joint Operating Agreement with Doriemus for Rey’s 100%-owned Petroleum Exploration Permit 487. Accordingly, Doriemus would drill the deep commitment well on EP487 at its own cost. After raising sufficient funds by end of June 2019 and completing the well in 12 months, Doriemus will be assigned a 50% operating interest in EP487 permit.
Doriemus had net assets to the value of ~ GBP 3.47 million as of December 31st, 2018 and closed the year with cash and cash equivalents of GBP 209K. The DOR stock closed the market trading on April 12th, 2019 at AUD 0.075, down by 3.85%. The stock has been up by 25.81% over last five days.
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