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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Doriemus | LSE:DOR | London | Ordinary Share | GB0030818198 | ORD 0.001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
3 September 2014 Doriemus plc ("Doriemus" or the "Company") Drilling Commence at Horse Hill Doriemus Plc (AIM: DOR) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced. The Horse Hill-1 well is planned to be drilled to a Total Depth ("TD") of 2,646 metres (8,680 feet) and is designed to test for a number of conventional stacked oil targets in the Jurassic, as well as a deeper conventional gas target in the Triassic. The operator, Horse Hill Developments Ltd ("HHDL"), is a special purpose company with a 65% operating interest in the PEDL 137 license in the Weald Basin to the north of Gatwick Airport in Surrey. Doriemus has binding agreements in place to own a direct 10% interest in HHDL. The participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%). Donald Strang, the Company's Chairman, commented: "This is an exciting time for Doriemus. We are very pleased that drilling operations are now underway on this exciting prospect. The next few weeks will be a busy and interesting phase for this investment." Enquiries: Doriemus plc +44 (0) 20 7440 0640 Donald Strang/Hamish Harris Cairn Financial Advisers LLP +44 (0) 20 7148 7900 Nominated Adviser and Broker James Caithie/Jo Turner/Carolyn Sansom About Horse Hill: The 99.29 km2 (24,525 acre) Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) ("Horse Hill") is located in Surrey, a few miles from Gatwick Airport The Horse Hill Prospect OOIP and OGIP and prospective resources, as previously announced by the Company, are summarised in Table 1. Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources. Target Reservoir OOIP OOIP Prospective Resources Oil Upside Potential Mean (MMSTB) (MMSTB) Mean (MMSTB ) Upper Portland 116 57 17 Sandstone Lower Portland 284 147 44 Sandstone Corallian Sandstone 67 33 10 Greater Oolite 204 104 16 Limestone Total Oil 671 341 87 Target Reservoir OGIP OGIP Prospective Resources Gas Upside Potential Mean (Bcf) (Bcf) Mean (Bcf) Triassic Sandstone 456 234 164 Glossary: MMSTB million stock barrels Bcf billion cubic feet OOIP Original Oil in Place OGIP Original Gas in Place Prospective Resource Prospective resources are estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled. This class represents a higher risk than contingent resources since the risk of discovery is also added. For prospective resources to become classified as contingent resources, hydrocarbons must be discovered, the accumulations must be further evaluated and an estimate of quantities that would be recoverable under appropriate development projects prepared.
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