25 October 2017
Doriemus Plc
("Doriemus" or the
"Company")
Operations Update, Brockham
Oil Field, Weald Basin, UK
Doriemus plc (Listed in Australia ASX:DOR and listed in London
NEX:DOR) (“Doriemus” or the “Company”), announces
that it has been informed by the Operator, Angus Energy (“Angus” or
the “Operator”), that it has received a letter from Surrey County
Council (“SCC”) suggesting that the Operator submit a planning
application for the operations at the Brockham Oil Field associated
with well BR-X4 and its inclusive side-track BR-X4Z.
The Operator has further advised as follows:
-
This is the first formal request or formal notice received by it
either prior to or in the 7 months since 9 March 2017.The
Operator’s guidance from its RNS announcements of 23 October 2017, 22
September 2017 and 11 May 2017
remains unchanged.
-
After a careful and considered review, the management team and
Board of Directors of the Operator will submit a normalisation
application for the continued surface activities of the production
plant required for well BR-X4 and, notably, its inclusive
side-track BR-X4Z. The Board of Angus has determined that this
application - submitted without prejudice - is a prudent and
pragmatic step in the best interests of all stakeholders.
-
It reiterates that it has all the required permissions from all
of its regulators to continue production at the Brockham Oil Field
including the Kimmeridge layers. In taking this intermediate step,
Angus has not relinquished any rights or further options at its
disposal to protect shareholders.
-
Angus has worked with the SCC throughout this process and will
continue to do so without exception. Both parties continue to
maintain a professional relationship and on-going
communications.
-
Subsequent to the Company’s RNS of 23
October 2017, Angus Energy will perform conventional oil
production at Brockham Oil Field from the Kimmeridge Layers in Q1
2018.
-
The Operator has released a statement from its Board of
Directors to the effect that they fully expect this intermediate
step to have minimal impact on the current business plan and that
they look forward to continued communication and cooperation
between Angus and the SCC.
Interest in Brockham Oil Field (PL
235):
Doriemus owns a 10% direct interest in the Brockham Oil Field
which is held under UK Production Licence PL 235.
The directors of the Company accept responsibility for the
contents of this announcement.
CONTACTS:
For further information on this update or the Company generally,
please visit our website at
www.doriemus.co.uk or contact:
Doriemus Plc
UK Contacts:
David Lenigas (Executive
Chairman)
+44 (0) 20 7440 0640
Greg Lee (Technical
Director)
Australia Contacts:
Julia Beckett (Joint Company
Secretary)
+61
(08) 6141 3500
Email: julia.beckett@wolfstargroup.com.au
UK Advisors:
Peterhouse Corporate Finance
Limited
+44 (0) 20 7469 0930
Guy Miller
Fungai Ndoro
FORWARD LOOKING STATEMENTS AND
IMPORTANT NOTICE:
This document may contain forward looking statements that are
subject to risk factors associated with the oil and gas industry.
It is believed that the expectations reflected in these statements
are reasonable, but they may be affected by many variables which
could cause actual results or trends to differ materially.
Investors should make and rely upon
their own enquiries before deciding to acquire or deal in the
Company’s securities.
This report contains forecasts, projections and forward looking
information. Although the Company believes that its
expectations, estimates and forecast outcomes are based on
reasonable assumptions it can give no assurance that these will be
achieved. Expectations, estimates and projections and
information provided by the Company are not a guarantee of future
performance and involve unknown risks and uncertainties, many of
which are out of the Company’s control. Actual results and
developments will almost certainly differ materially from those
expressed or implied. The Company has not audited or investigated
the accuracy or completeness of the information, statements and
opinions contained in this report. To the maximum extent
permitted by applicable laws, the Company makes no representation
and can give no assurance, guarantee or warranty, express or
implied, as to, and takes no responsibility and assumes no
liability for (1) the authenticity, validity, accuracy, suitability
or completeness of, or any errors in or omission from, any
information, statement or opinion contained in this report and (2)
without prejudice to the generality of the foregoing, the
achievement or accuracy of any forecasts, projections or other
forward looking information contained or referred to in this
report.