Doriemus (LON:DOR) are a fast growing natural resources investment company that has a current portfolio of United Kingdom based oil & gas production assets.The company was formed in 2013 from the previous TEP Exchange Group Plc and is headed by Oil and Gas entrepreneur Donald Strang.Low cost high return projects are the focus,capable of delivering high sustained revenue streams.
The company,s first investments have been made via a participating interest of 20% in the producing Lidsey Oilfield in West Sussex,a 10% stake in UK Production Licence PL 235 which comprises the producing Brockham Oil Field in Surrey,and a 7.5% stake in The Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) located in Surrey.
Progress in the first few months at both The Lidsey & Brockham fields has been highly encouraging for the company,with the Lidsey Well No1# already returning an increase in production of over 1000% and first phase operations at the Brockham field up over 100% already.In the last field update from Lidsey the company revealed that oil output had increased to such an extent that it was operating to full pump capacity of 312 Bopd and on a choke restriction,it was also revealed that an estimated additional 28ft of unperforated virgin oil bearing formations have been logged.Due to the vast apparent uplift in potential reserves at the field, the company have moved quickly to assemble a new Competent Person's Report ( CPR ) at Lidsey and likewise at the Brockham Field where the company believe a major uplift in field reserves is likely.
The reports on both fields are due to be published before the end of februrary 2014 and are likely to show a large and significant increase of recoverable reserves at both fields.Project economics are extremely favourable,with all production sold locally to the Perenco BP refinery and very low production costs below $10 per barrel,as the daily output increases those production costs will fall even further.
New workovers and wells are planned at Lidsey and Brockham fields during Q1 and Q2,and also in Q2 the highly anticipated operations at Horse Hill are due to commence.The Horse Hill prospect hosts an estimated 671 million stock barrels ("MMSTB") of oil and a Triassic gas play of 456 Bcf.
As of 21/02/2014 Doriemus have a market cap…
