Doriemus plc advises that the operator of both the Brockham and Lidsey Oil Fields in the UK’s onshore Weald Basin, Angus Energy Plc (the “Operator”), will resume conventional production from two currently temporarily suspended wells in Doriemus’s portfolio bringing the total wells in production at the Lidsey and Brockham Oil Fields to four by the end of March 2018.

The Operator of the Brockham and Lidsey Oil Fields have advised that they will recommence production from the Portland Reservoir via the BR-X2Y well at Brockham in March 2018, as well as the Great Oolite Reservoir at Lidsey from the Lidsey-X1 well next month. These operations reflect improved market conditions and an increase in oil pricing. Prior to these wells’ temporary closure, the BR-X2Y and Lidsey-X1 wells had normative operations at approximately 50bbl/day. 

Brockham BR-X4Z well Update:
Further to the Company announcement dated 24 October 20171, the installation of a connection to the National Grid for selling on-site power generated from associated gas production is in progress, contracts have been executed with a scheduled completion in March 2018. Prior company guidance for the beginning of production from BR-X4Z is unchanged.

Lidsey-X2:
Subsequent to the Company announcement dated 21 November 20172, the Operator has completed its review of initial flow rates from Greater Oolite reservoir in the Lidsey-X2 well. The installation of a new pump to optimise pressure differentials and maximize production flow rates will be completed in February 2018.

Angus Energy advise also that all the aforementioned operations are performed through conventional production. There will be no hydraulic fracturing or “fracking”.

David Lenigas, Doriemus Plc’s Executive Chairman, commented;
“Doriemus will be participating in a lot of new oil wells coming on line this quarter and next, all of which have been drilled. All of these wells coming on line will provide Doriemus with a solid revenue stream going forward. We are excited about the potential of the Weald Basin as a whole for delivering new UK oil production and see this as a pivotal year for the Company.”