Doriemus is a participating partner in two production licensed sites operated by Angus energy in the Weald basin,this is the shale basin that has attracted massive interest from private investors in the uk
Friday 08 September, 2017
Doriemus PLC Lidsey-X2 Operational Update
8 September 2017
Doriemus Plc
("Doriemus" or the "Company")
Drill Rig arrives at Lidsey Oil Field – Weald Basin UK.
Doriemus (NEX: DOR) is pleased to announce that the operator of the Lidsey Oil Field, Angus Energy Plc (“Angus Energy”), have advised that the British Drilling and Freezing Company Limited drilling rig #28 has arrived on location at the Lidsey Oil Field and is in the process of rigging up and undergoing pre-rig acceptance. Ancillary equipment and casing is already on site and equipment inspections continue. The Lidsey Oil Field is a fully permitted onshore production site located at the southern edge of the Weald Basin near Bognor Regis on the UK’s south coast.
As previously announced, the Company expects an operating window of approximately six weeks from the spud date early next week to actual production from Lidsey-X2.
Angus Energy has advised that the plan is to spud (official start of the drilling process) the Lidsey-X2 horizontal production well early next week. Lidsey-X2 will be a conventional production well targeting the existing Great Oolite reservoir, and in addition the well will also pass through the Kimmeridge formation and enable Angus Energy to assess its potential in the southern edge of the Weald Basin.
The Kimmeridge formation will be logged thoroughly as part of the drilling process. The existing production well Lidsey-X1 has been temporarily suspended due to the site preparation works required for the drilling of Lidsey-X2, however design options are under consideration to turn it into a water injector or Kimmeridge producer depending on Lidsey-X2 drilling results.
David Lenigas, Doriemus’s Chairman, commented;
“The arrival of the drilling rig at Lidsey is excellent news for the Company and its partners. The Lidsey Oil Field has the big benefit of being a fully permitted operation already with significant surface infrastructure already in place to handle new oil production meaning this well can be drilled and brought in to production relatively quickly. Although the Greater Oolite is the primary target for oil production from this well we do know that the exciting Kimmerdge units do exist above the Greater Oolite at Lidsey, and any discovery of moveable oil in the Kimmeridge here could significantly expand the overall potential of the Weald Basin.”
Interest in the Lidsey Oil Field (PL 241):
Doriemus owns a 20% direct interest in the onshore Lidsey Oil Field (PL 241)(Production Licence) which has the right under the 21 November 2013 Farm-Out Agreement, to own 30% of the next well on the Lidsey Oil Field. This next well is the Lidsey-X2 well. The Lidsey Oil Field is operated bt Angus Energy Plc.
The directors of the Company accept responsibility for the contents of this announcement.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
