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Doriemus PLC

Doriemus: The Kimmeridge oil play has become “a whole lot bigger”

“The operator is ready to bring the Lidsey oil field in to production this week, a very significant milestone for Doriemus."

oil and gas operations
Lidsey is due online later this week

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.”

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Price: $0.03

Market: ASX
Market Cap: $1.97 m
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