Proactiveinvestors Australia Doriemus PLC https://www.proactiveinvestors.com.au Proactiveinvestors Australia Doriemus PLC RSS feed en Thu, 20 Jun 2019 14:08:12 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Irrepressible David Lenigas upbeat as Horse Hill oil discovery returns to the spotlight ]]> https://www.proactiveinvestors.com.au/companies/news/201165/irrepressible-david-lenigas-upbeat-as-horse-hill-oil-discovery-returns-to-the-spotlight-201165.html An irrepressible David Lenigas was upbeat following the extended well test of the Horse Hill well, also known as the Gatwick Gusher.

He revelled in his John the Baptist role after an initial batch of results assessing the potential of the Portland limestone came in better than expected.

The highest observed hourly rate was equivalent to 352 barrels of oil per day, but flows have not yet been optimised for maximum sustainable rates.

READ: Horse Hill oil stocks advance on initial production test results

“To open up the well and have clean oil come to surface with no water meant the Gatwick Gusher gushed again – a lot earlier than we thought,” Lenigas said in an exclusive interview with Proactive Investors’ Andrew Scott.

“I didn’t think we would get oil gushing to surface under its own steam until we hit the Kimmeridge. The Portland is just the side play….the main play is still to come.”

The lower-lying Kimmeridge horizon was the main contributor to the 2016 flow test, in which Horse Hill flowed at a daily rate of almost 1,700 barrels.

Lenigas, as well as helping find the funding for the early exploration of the Weald Basin, is executive chairman of Doriemus PLC (LON:DOR), which is part of the consortium helping develop the onshore play.

In the Proactive interview, he said he thinks early estimates of the potential of the Weald, an area south of London that stretches south and east towards the coast, could prove conservative.

Independent reports have suggested the area may have multi-billion barrel potential, though nobody knows exactly how much of it can be economically extracted.

While Portland is a well-understood conventional play, expert opinion on the Kimmeridge is split.

If the oil and gas within the Kimmeridge are referred to as ‘tight’, then natural recoveries are likely to be low and may require further engineering or stimulation to produce economically.

However, Lenigas believes the presence of natural fractures may support significantly higher rates.

Politics rather than geology is likely to be the major impediment to progress, the Australian entrepreneur said with work to date taking far longer than it would in other jurisdictions.

Sign-off from the local authorities, protests and a “viperish” press have all played their part in holding back Horse Hill, according to Lenigas.

“It’s almost like Britain doesn’t want to find oil. It’s like they want to be reliant on imports,” Lenigas said.

“There have been a whole lot of challenges and road bumps with this play.”

]]>
Thu, 19 Jul 2018 15:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201165/irrepressible-david-lenigas-upbeat-as-horse-hill-oil-discovery-returns-to-the-spotlight-201165.html
<![CDATA[Media files - 'The Gatwick Gusher gushed again, a lot quicker than we expected' - David Lenigas ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9903/-the-gatwick-gusher-gushed-again-a-lot-quicker-than-we-expected-david-lenigas-9903.html Thu, 19 Jul 2018 13:25:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9903/-the-gatwick-gusher-gushed-again-a-lot-quicker-than-we-expected-david-lenigas-9903.html <![CDATA[News - Doriemus: The Kimmeridge oil play has become “a whole lot bigger” ]]> https://www.proactiveinvestors.com.au/companies/news/186793/doriemus-the-kimmeridge-oil-play-has-become-a-whole-lot-bigger-186793.html Doriemus PLC (LON:DOR) has been buoyed by the latest update from the Lidsey field where production is due to come online later this week.

Project operator Angus Energy Plc (LON:ANGS) said in a statement that it had received a ‘pleasant surprise’ from the Lidsey oil project onshore UK, where the company now sees  a ‘strong similarity’ to the Brockham oil field.

READ: David Lenigas confident on Weald basin ahead of key Horse Hill decision

Geochemical analysis assessed the Kimmeridge and Oxford zones at the Lidsey field to determine their commercial viability.

Angus said that the initial results indicate that the Kimmeridge and Oxford zones both have a strong similarity to the maturity of the Kimmeridge layers at Brockham field, with implications for the potential footprint of the overall Kimmeridge play.

David Lenigas, executive chairman, said: “The operator is ready to bring the Lidsey oil field in to production this week, a very significant milestone for Doriemus.

“The revelation that the initial geochemical test results from the Kimmeridge and Oxford are considered by Doriemus as providing additional upside for Lidsey’s ultimate production potential, especially considering that we have all the approvals in place for a a re-work of the Lidsey-1 well and the drilling of a new Lidsey-3 well.”

“The similarities of the Lidsey-X2 geochemical results to our Brockham Oil Field BR-X4Z well in the north of the Weald Basin shows that Lidsey has the potential to increase the footprint of the oil bearing Kimmeridge layers in the Weald.”

WATCH: David Lenigas still confident there's potential for 100bn barrels of crude across southern England

Paul Vonk, Angus chief executive, said: "The initial geochemical test results from the Kimmeridge and Oxford are a pleasant surprise.”

“Their similarity to our Brockham Oil Field BR-X4Z well in the north of the Weald Basin shows that Lidsey has the potential to increase the footprint of the oil bearing Kimmeridge layers in the Weald.”

]]>
Mon, 06 Nov 2017 10:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186793/doriemus-the-kimmeridge-oil-play-has-become-a-whole-lot-bigger-186793.html
<![CDATA[Media files - David Lenigas still confident there's potential for 100bn barrels of crude across southern England ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8251/david-lenigas-still-confident-there-s-potential-for-100bn-barrels-of-crude-across-southern-england-8251.html Tue, 17 Oct 2017 15:58:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8251/david-lenigas-still-confident-there-s-potential-for-100bn-barrels-of-crude-across-southern-england-8251.html <![CDATA[News - David Lenigas confident on Weald basin ahead of key Horse Hill decision ]]> https://www.proactiveinvestors.com.au/companies/news/185743/david-lenigas-confident-on-weald-basin-ahead-of-key-horse-hill-decision-185743.html Gatwick-Gusher proponent David Lenigas is hoping for good news from the Surrey County Council on Wednesday, when a committee is expected to make a decision on plans for a new programme at the Horse Hill project.

Horse Hill was the project that sparked an emerging new oil play in southern England - with the subsequent Brockham, Broadford Bridge and Lidsey wells following on with success - and the proposed programme aims to provide a long term production test for the new field.

READ: Horse Hill follow ups Lidsey and Broadford Bridge have shown promise but there’s still a lot more to do

Horse Hill partners, including Lenigas’s Doriemus PLC (LON:DOR),  are expected to carry out long term production testing through the programme which also envisages the drilling of two new wells.

Lenigas, in an interview with Proactive Investors ‘ Stocktube, highlighted that the 120-day flow test will be a follow up to the project with the “biggest onshore flow rate in British history” and said he hoped the council will approve two or three more wells, though he sees the possibility of even more drilling.

“I see potentially another six wells being drilled in the Weald basin next year, some will be production and some will be exploration. But, it is pretty exciting.  It is all starting to come together.”

Lenigas remains confident in Horse Hill’s multi-billion barrel potential.

“Nothing has changed [since the initial Horse Hill estimates]. Not one of the consultants who originally came up with the estimates for the whole Weald basin, at P50 over 100bn barrels, or even if you look at Horse Hill between 10 and 12bn barrels, within the Horse Hill licences.

“Nothing has changed. In fact, it has actually just got better because we’ve now determined with the work that has been done at Broadford Bridge and at Brockham that the whole system appears to be naturally fractured which opens up huge potential for more oil.”

Speaking more broadly about the findings of more recent wells, Lenigas added: “What we’ve learned is the Kimmeridge itself is naturally fractured, whether it is in the limestone or in the Kimmeridge formation itself, which means there’s a lot of oil that can come out of that whole Kimmeridge system.

“It is very exciting. And there’s a lot of wells coming online.”

Broadford Bridge continued to flow light oil

Whilst tangible production statistics are awaited from UK Oil & Gas Investments PLC’s (LON:UKOG) Broadford Bridge well, the latest inferences drawn on the well’s findings plainly bode well.

The UK explorer on Monday told investors that the Broadford Bridge-1z well continued to flow light sweet oil as well as gas from the Kimmeridge limestone section. It added that the flow continues to clean-up, it has demonstrated increasing oil cut, and sustained periods of gas flaring.

Most significantly, UKOG pointed to similarities with the Horse Hill well – which is relatively nearby, just 27 kilometres away.

Along with the results from the Horse Hill well, the Broadford Bridge results to date show that the Kimmeridge contains “a thick regionally extensive continuous oil accumulation”, UKOG noted.

Stephen Sanderson, UKOG executive chairman, in a statement said: “The near identical reservoir characteristics seen at both BB-1z and HH-1, some 27 km apart, show this accumulation is laterally extensive over much of the Weald Basin. UKOG as the largest licence holder in the basin is in a prime position to exploit this resource.”

“This proof of geological and scientific concept is a major achievement and has significant positive implications for the prospectivity of PEDL234 and our extensive licence holdings in the Weald.”

The project update comes as investors await the start of an optimised flow testing programme – which will follow clean-up and a quick work-over – with multiple zones due to be targeted.

The testing programme is pencilled in to continue by mid-December.

“Our focus now moves to delivering further proof that BB-1z can deliver both commercially viable rates and volumes of oil to surface,” Sanderson added. The test results to date are technically significant and highly encouraging and I am confident that the more finely focussed and optimised testing plan can establish commercial viability."

Plainly, there are multiple moving parts to the emerging multi-project oil play and it is a fast moving story. And with plenty of upcoming catalysts on way the Horse Hill, Broadford Bridge, Brockham and Lidsey projects remain ones to watch for speculative oil investors.

]]>
Tue, 17 Oct 2017 15:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185743/david-lenigas-confident-on-weald-basin-ahead-of-key-horse-hill-decision-185743.html
<![CDATA[News - David Lenigas gets Twitter-happy about share price gains of firms tied to Horse Hill oil discovery ]]> https://www.proactiveinvestors.com.au/companies/news/180383/david-lenigas-gets-twitter-happy-about-share-price-gains-of-firms-tied-to-horse-hill-oil-discovery-180383.html David Lenigas, chairman of Doriemus PLC (LON:DOR), has taken to Twitter to boast about share price gains in his oil and gas company following strong progress at the Brockham well near the Horse Hill discovery.

Doriemus, which owns a 10% stake in Brockham, has seen an increase in investor interest on the Nex Exchange today on the back of reports that the well is expected to begin production from the Kimmeridge play this summer.

The well is located 11 miles away from the 1,700 barrel a day Horse Hill project, the so-called ‘Gatwick Gusher’ in the Weald basin in Surrey and Sussex.

Angus Energy Plc (LON:ANGS), operator of the Brockwell well, also saw its shares rise on the London Stock Exchange (LSE) today.

Earlier this year, Angus said the formations of the well appear to be the same in structure to the oil-bearing sections of the Horse Hill-1 well.

The Broadford Bridge well, some 27 kilometres from Horse Hill, has also seen positive results.

UK Oil & Gas rallies on Broadford Bridge optimism 

Last week UK Oil & Gas Investments PLC (LON:UKOG), the company behind the Horse Hill discovery, revealed that 330 feet of core has been recovered from the Broadford Bridge well where mobile light oil is being observed as operations continue.

Oil has been observed seeping from multiple sections of naturally fractured KL4 calcareous shales and limestones in the cored sections, UKOG said.

Shares in UKOG were sitting higher today on the LSE.

UKOG began testing the well last February and found faster than expected oil flows at a rate of 463 barrels a day. UKOG has claimed that 100bn barrels of oil exist under the Sussex Weald, equivalent to the proven reserves of Iran.

Lenigas continues to express Horse Hill enthusiasm on Twitter

Lenigas was chairman of UKOG before being replaced by Stephen Sanderson in 2015. He is also formerly a director of, or has had close ties to, other companies that have stakes in Horse Hill, including Solo Oil and Stellar Resources.

While he no longer sits on the boards of the companies involved, that hasn’t stopped the Australian mining tycoon from remaining a social media enthusiast of the Gatwick Gusher.

In the past 24 hours he has been flooding Twitter with posts about Horse Hill and the impact it has had on the share price of companies associated with the project.

Another active day's trading in Doriemus PLC on NEX today I see. People are learning how to trade NEX now.

— David Lenigas (@DavidLenigas) 5 July 2017 Great to see that DOR chatter has now started on ADVFN. A few trolls but they are Crazy idiots anyway. — David Lenigas (@DavidLenigas) 4 July 2017

Looks like Angus was in front of UKOG on the % gainers today. Both have great fantastic projects and early days. Tomorrow? Let's see.

— David Lenigas (@DavidLenigas) 4 July 2017 ]]>
Wed, 05 Jul 2017 13:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180383/david-lenigas-gets-twitter-happy-about-share-price-gains-of-firms-tied-to-horse-hill-oil-discovery-180383.html
<![CDATA[News - David Lenigas is excited about Britain’s onshore oil sector ]]> https://www.proactiveinvestors.com.au/companies/news/172624/david-lenigas-is-excited-about-britains-onshore-oil-sector-172624.html David Lenigas is excited and itching to talk about the oil play emerging around Gatwick Airport.

Of course he has a great vantage point. He was formerly a director or had close ties to five of the seven listed companies involved with Horse Hill, a surprise discovery on the fringes of Britain’s second largest airport.

He is also chairman of Doriemus, junior partner in Brockham, 11 miles away from the 1,700 barrel a day Gatwick Gusher.

The operator is AIM-listed Angus Energy, which has just completed a side-track well. It targeted the Portland, which is a known producing horizon, before heading down into the Kimmeridge limestones that were host the significant Horse Hill oil accumulations.

After that it perforated Corallian formation, which isn’t particularly well understood.

Lenigas said he was excited about the potential of Corallian, which he confirmed was host to oil and gas.

The Kimmeridge, meanwhile, looks to have the natural fracturing required for the naturally flowing crude accumulations seen at Horse Hill.

“We won’t know until all the log analysis is back, which will be shortly,” said Lenigas.

“We were originally talking about testing six zones. We might be testing eight or ten now.”

Should Brockham’s geology mirror that seen at Horse Hill then there would be two very good markers as to the potential of the wider Weald Basin as a new, world-class oil play. Cuadrilla’s Balcombe well in Sussex possibly provides a third.

“There is the potential for a major oil resource south of London that is extractable,” said Lenigas.

“The technology today such as octopus drilling means you can cover 20-square kilometres from an area the size of two tennis courts.”

Weald Basin has 'huge implications' for Britain's energy security

David Lenigas talks to Proactive about the 'significant' potential of the Weald Basin, which hosts Horse Hill and Brockham.

''You're talking 120 billion barrel P50 potential .... if can you get 3,5,10, 20% of it out ... that is significant''.

Lenigas adds: ''A lot of wells in the North Sea are now uneconomic ... Britain now imports about 30-50% of its hydrocarbon requirements from the oil side and it needs to find homegrown oil.''

]]>
Fri, 03 Feb 2017 12:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172624/david-lenigas-is-excited-about-britains-onshore-oil-sector-172624.html
<![CDATA[News - Investors need to wait a “week or three” for Brockham well findings - Lenigas ]]> https://www.proactiveinvestors.com.au/companies/news/172574/investors-need-to-wait-a-week-or-three-for-brockham-well-findings-lenigas-172574.html Investors backing Britain’s onshore oil sector will find out more about the potential of the Weald basin in the next “week or three”, so says David Lenigas.

He is chairman of Doriemus PLC, has been involved in a number of the investors in the Horse Hill (aka Gatwick Gusher) discovery and is an outspoken proponent of Britain’s onshore oil potential.

Lenigas, in an interview, highlighted that the recently reworked Brockham well neighbouring Horse Hill had been a success.

The Angus Energy Plc (LON:ANGS) operated well, 10% owned by Doriemus, confirmed that Kimmeridge and other formations appear to be the same in structure to the oil-bearing sections of the Horse Hill-1 well.

Analysis in currently underway, and according to Lenigas there are reasons to be optimistic.

Lenigas said: “I’m guessing, just like the punters are guessing, what will Brockham flow?

“All I can tell you right now, without making anybody an insider, is we are very excited about the logs. What we’re seeing is very similar characteristics to what we saw at Horse Hill.

“The proof in the pudding will be in the eating, when we do the flow tests, which is not too far away.”

“And I think that then opens up the whole Weald basin for other players to say look there is substantial amounts of oil in the Kimmeridge limestones, and it is shallow and it doesn’t require fracking.”

Running over the upcoming schedule he added: “Over the course of the next week or three we’ll be releasing the results of the log work, the maturity analysis.

“The whole concept is [to see whether] the Weald limestones in the Kimmeridge naturally fractured like it was at Horse Hill, and then obviously we’re going to move into production testing.”

“And the beautiful thing about the Brockham field is that its already a producing licence … Brockham has been producing happily in that part of the south of England, just south of the M25, for 40 years. So, the exciting thing about Brockham is when we start flowing the oil we can put it straight into the industry.”

]]>
Thu, 02 Feb 2017 14:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172574/investors-need-to-wait-a-week-or-three-for-brockham-well-findings-lenigas-172574.html
<![CDATA[Media files - Lenigas says “very important” Brockham well is key to unlocking potential of UK’s Weald basin ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6843/lenigas-says-very-important-brockham-well-is-key-to-unlocking-potential-of-uks-weald-basin-6843.html Thu, 02 Feb 2017 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6843/lenigas-says-very-important-brockham-well-is-key-to-unlocking-potential-of-uks-weald-basin-6843.html <![CDATA[News - Doriemus raises £865,200 of new funding for UK oil projects ]]> https://www.proactiveinvestors.com.au/companies/news/167754/doriemus-raises-865200-of-new-funding-for-uk-oil-projects-167754.html David Lenigas’s Doriemus PLC (LON:DOR) got acceptances from existing shareholders accounting for just over 50% of its open offer share sale, though other investors have committed to taking the remainder of the new equity.

The company will receive a total of £865,200.

In the open offer it will raise £434,625 by issuing 1.24bn new Doriemus shares at a price of 0.035p each. A separate share subscription will see investors take 1.23bn new shares on the same terms, giving Doriemus a further £430,500.

“This is an excellent result for a company that is quoted on the London ISDX Growth Market and the board thanks all the shareholders who have taken up their entitlements to the company’s open offer,” said executive chairman David Lenigas.

“All shareholders who requested additional shares on top of their 3 for 10 entitlements have been allocated the additional shares requested as part of this open offer.

“The company is now well placed to fund its cash calls on the exciting and upcoming Brockham sidetrack well planned for the Brockham oil field before the end of the year, and the large amount of appraisal work planned for the Horse Hill oil discovery near Gatwick Airport next year.”

]]>
Fri, 21 Oct 2016 08:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167754/doriemus-raises-865200-of-new-funding-for-uk-oil-projects-167754.html
<![CDATA[News - David Lenigas’s Doriemus confirms spot in UKOG’s Isle of Wight venture ]]> https://www.proactiveinvestors.com.au/companies/news/167573/david-lenigass-doriemus-confirms-spot-in-ukogs-isle-of-wight-venture-167573.html David Lenigas’s Doriemus PLC (ISDX:DOR) confirmed it has been granted a stake in an exploration venture on the Isle of Wight.

Doriemus agreed the acquisition of Angus Energy’s 5% interest in PEDL331 licence, which covers 200 square kilometres onshore.

The small cap oil explorer is already partnered with both UK Oil & Gas Investments Plc (LON:UKOG) and Solo Oil (LON:SOLO) in the Horse Hill discovery, a site within southern England’s Weald basin, close to London Gatwick airport.

On the Isle of Wight the companies are looking at the Arreton conventional oil discovery, which was made in the 1970s.

Lenigas, executive chairman of Doriemus, in a statement highlighted what he called “tremendous potential” within the PEDL331 area.

“The licence contains a significant conventional oil discovery in the Arreton-2 well, previously drilled by British Gas in 1974,” Lenigas said.

“We look forward to being part of the partnership that can now move forward to realise the potential of the Licence.”

]]>
Tue, 18 Oct 2016 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167573/david-lenigass-doriemus-confirms-spot-in-ukogs-isle-of-wight-venture-167573.html
<![CDATA[News - Doriemus sees a lot more oil near Horse Hill ]]> https://www.proactiveinvestors.com.au/companies/news/165814/doriemus-sees-a-lot-more-oil-near-horse-hill-165814.html A company involved in the prolific "Gatwick Gusher" Horse Hill oil project in East Sussex has struck lucky at a "lookalike" well nearby.

ISDX-listed Doriemus PLC (LON:DOR) said a study had identified 282 million barrels of oil in place per square mile at the Brockham-1 well in the UK's Weald Basin.

It points to a potential extension of the Horse Hill oil-producing area, the potential of which was demonstrated in tests earlier this year.

The group said the pay zones at Brockham-1 were similar to those successfully flow tested at the Horse Hill-1 well in February and March.

Petrophysical analysis and reservoir intelligence firm Nutech Ltd independently assessed Brockham-1 and produced the report.

Drilled by BP in 1987 under UK production licence PL 235, the well is about six miles north west of Gatwick Airport.

Doriemus, chaired by natural resources entrepreneur David Lenigas, also owns a 10% interest in Horse Hill Developments Ltd, the operator and 65% shareholder of the Horse Hill licences.

Lenigas said: "The great advantage of the Brockham oil field is that it is already a producing oil field and any new production should be able to be put on line relatively quickly.

"This Nutech work for Doriemus has highlighted that the conventional Portland Sandstones and the Kimmeridge Limestones that were oil-productive at the Horse Hill-1 well near Gatwick Airport are indeed evident at the nearby Brockham oil field.

"Doriemus looks forward to participating in the next phase of developing the oil potential of Brockham."

Alongside Doriemus, Solo Oil PLC (LON:SOLO) has a 6.5% interest in Horse Hill, together with several other London-listed oil juniors including Stellar Resources Plc (LON:STG), Evocutis plc (LON:EVO), Alba Minerals Plc (LON:ALBA) and UK Oil & Gas Investments Plc (LON:UKOG), which with 27% is the largest listed stakeholder.

Earlier this year, the companies said test results from the Horse Hill well had demonstrated "North Sea-like" oil rates from an onshore well.

Solo said Horse Hill was a game-changer in the Weald Basin and pointed to a significant commercial accumulation in the Portland sandstones and a potentially massive Kimmeridge limestone play.

Fracture analysis at Brockham, coupled with information from the Horse Hill-1 well and Collendean Farm-1 well offset well information indicate that the Kimmeridge Limestones show potential of natural fracturing and are possible candidates for flow testing, Doriemus said.

]]>
Tue, 13 Sep 2016 13:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165814/doriemus-sees-a-lot-more-oil-near-horse-hill-165814.html
<![CDATA[News - Doriemus looking for more Weald basin opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/126070/doriemus-looking-for-more-weald-basin-opportunities-126070.html Doriemus PLC (LON:DOR), a 6.5% stakeholder in the Horse Hill oil project, has told investors it is looking for further acquisitions in the UK’s Weald basin.

In its financial results statement, released today, the company highlighted it already has three valuable oil and gas assets in the Weald Basin, and said it expects those projects will significantly enhance future shareholder value.

Following the success at Horse Hill, where recent testing showed rates of 1,688 barrels of oil per day, the company is looking for other opportunities in the same basin.

“We have carefully considered our investment strategy and believe that the Weald Basin not only has strongly vindicated our investment decisions but represents an appealing investment case with respect to UK oil and gas and it may well prove to be of strategic importance to the UK in the years to come,” chairman Grant Roberts said in a statement.

He added: “Although oil prices are showing some signs of a recovery, the board considers that this depressed oil price environment will prove to be a time of opportunity for expansion, particularly as the company is debt free and is seeking further acquisitions in the Weald Basin.”

It noted that it also plans to work closely with Horse Hill Development and Angus Energy with a view to potentially increasing oil production and reserves from the existing operating fields.

Financial results, for the twelve months to December 31, showed £57,000 of revenue and a £310,000 loss for the year. It had £719,000 of cash at the end of 2015.

At Horse Hill, the next steps will involve extended well testing to measure the project's longer term commercial merits.

]]>
Wed, 18 May 2016 08:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126070/doriemus-looking-for-more-weald-basin-opportunities-126070.html