Doriemus updates on its progress for stakes sale in the Lidsey Oil Field to Aungus Energy

Doriemus Plc (ASX: DOR) operates and invests in the oil and gas sector. Doriemus has its concentration on oil and gas assets, and properties. The company serves its clients based in Europe.

Today the company has come up with the announcement that it has now executed all the required sale, and purchase agreements to sell its interest in the Lidsey Oil Field in the UK to Angus Energy Plc. The deal will close after the UK Government’s Oil & Gas Authority’s approval on the transfer of the interest from Doriemus to Angus Energy.

Today’s update follows an announcement dated 27 February 2019, which stated that the DRX had inked, a binding Terms Sheet to sell its 20% interest in the Lidsey Oil Field, on the south coast of the UK to Angus Energy Plc (Angus Energy) for a consideration 8,324,024 new ordinary shares in Angus Energy to Doriemus, worth approximately $0.6 million at Angus Energy’s closing price in London, on 26 February 2019, at 3.9 pence per share at an exchange rate of GBP: AUD of 1.84.

As per the Interim Results for the six months to 30 June 2018, released by the company on 23 August 2019, the loss for the six months period amounted to £396,000 vis-a-vis £180,000 loss reported for the previous corresponding period (pcp). This loss was inclusive of the £339,000 of administration costs visa-a-vis £241,000 reported for the pcp. The £24,000 of Oil Field expenses vis-a-vis £25,000 was recorded for the comparative period. The total revenue for the period was £13,000, while for the comparative period it was £nil.

The company’s revenue was generated in the United Kingdom from oil and gas production in accordance with its farm-in agreements, within the United Kingdom. The revenue from this sole segmental stood at £13,000.

The management had said that it will continue to seek out further investments in line, with the Company’s growth strategy and will be working closely with HHDL, and Angus Energy on potentially increasing their oil production, and reserves from the existing operating fields over the future months. The board will also look opportunistically at investing in or acquiring, an appropriate percentage holding, possibly including management, of a company or companies and businesses in the global oil and gas sector.

As on the date of the released interim report, the Company owned a 10% stake in HHDL, who operates and has a 65% stake in two Petroleum Exploration and Development Licences, i.e. PEDL137 and PEDL246 in the North Weald Basin, located amid Gatwick Airport and London.

On 25 January 2019, the company declared its UK 2019-20 strategy and drilling plans.

On the stock-performance front, the stock has posted the YTD return of -12.50%. The company also has posted returns of -51.72%, -12.50% & -22.22% over the past six, three & one-month period respectively. The stock of the company, by the closure of the trading session stood at A$0.070 and performed flat during the day’s trade. It has market capitalisation of ~$ 4.06 million and 57.98 million shares outstanding. It had a 52-week high price of A$0.225 and a 52 weeks low price of A$0.060, with an average volume of 37,189 approximately.


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