Doriemus PLC - Lidsey-X2 Production Well – Operations Update

6 Novemeber 2017

Doriemus Plc

("Doriemus" or the "Company")

Lidsey-X2 Production Well – Operations Update

Doriemus plc (Listed in Australia ASX:DOR and listed in London NEX:DOR) (“Doriemus” or the “Company”), is pleased to provide an update from Angus Energy Plc (the “Operator”) on the drilling of its new Lidsey-X2 production well at the Lidsey Oil Field, located at the southern edge of the UK’s onshore Weald Basin, south of London.

The Operator of the Lidsey Oil Field, Angus Energy Plc, has advised that:

“As per the Company’s guidance and news release dated 13 October 2017, geochemical analysis of the Kimmeridge and Oxford layers at the Lidsey Oil Field were undertaken to determine their commercial viability. The Company is pleased to advise that the initial results conducted on the drill cutting samples from the 66.2 metres of Kimmeridge and 105.0 metres of Oxford layers indicate a strong similarity to the maturity of the Kimmeridge layers at Brockham Field. 

In terms of temperatures at the time of maximum burial, which is an important factor in the generation of oil, the historical temperatures were encouragingly higher than anticipated given the location of the Lidsey Field in the Weald Basin. Indeed, analysis of Tmax (maximum historical temperature seen by the rock) gave a range which overlapped with those seen in Brockham and an average temperature within 3 degrees (0.7 %) of those seen in Brockham. In addition, the TOC (total organic content) was virtually the same within experimental error.

The geochemical evaluations were performed by the same third party organization that provided the same analysis on the drill cuttings at Horse Hill and Brockham.

Further to the Company’s RNS of 13 October 2017, the BDF-28 drilling rig has now been fully demobilised. The Lidsey-X2 well has been prepared for production after completing the installation of the flowlines from the well head to the storage tanks, pump and other necessary equipment.  The Company’s guidance for actual production has been adjusted by seven days. After the trial operation of the pump mechanism carried out last Friday, the pump experienced a minor technical difficulty requiring repair and is currently being repaired prior to the well going in to full service.

Angus Energy still expects to put Lidsey-X2 into full production this week. The Company will perform testing to optimize production rates and provide an update in due course.”

David Lenigas, Doriemus Plc’s Executive Chairman, commented;

“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.”

About the Lidsey Production Oil Field and Doriemius Plc’s Interest:

The Lidsey Oil Field is 5.3km² in size and located in the southern portion of the onshore UK Weald Basin in West Sussex south of London and next to Bognor Regis on the south coast of England.

Doriemus Plc owns a 30% direct participating working interest in the Lidsey-X2 production well, which is located within the onshore Lidsey Oil Field (PL 241)(Production Licence) under the rights it has under the 21 November 2013 Farm-Out Agreement. The Lidsey Oil Field is operated by Angus Energy Plc. In respect of all other wells on the Lidsey Oil Field, Doriemius has a 20% participating interest and contribution to capital costs will be 20%.

COMPETENT PERSONS STATEMENT:

Pursuant to the requirements of the ASX Listing Rules Chapter 5 in Australia, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Gregory Lee, who is the Technical Director of the Company. Mr Lee has more than 30 years' diversified experience in the petroleum industry.  Mr Lee is a chartered professional Engineer (CPEng) and a member of the society of petroleum engineers (MSPE) and has been an independent consultant Petroleum Engineer since 1992 and has sufficient experience in exploration for, appraisal and development, operations of oil and gas resources.

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.

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)                                                                         [phone]

Greg Lee (Technical Director)                                                                                    

Australia Contacts:

Julia Beckett (Joint Company Secretary)                                                            [phone]

Email: [e-mail]

UK Advisors:

Peterhouse Corporate Finance Limited                                                                 [phone]

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.

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