Doriemus Plc

ARBN: 619 213 437

Head Office:

Suite 3b, 38 Jermyn Street

Princes House

London, UK

Sw1Y 6DN

Phone: +44 2074400642

Fax: +44 2074400641

Email: info@doriemus.co.uk

Website: www.doriemus.co.uk

Australian Contact Information:

Julia Beckett

Joint Company Secretary

Address:

Suite 12, Level 1

11 Ventnor Avenue

West Perth WA 6005

Australia

Postal Address:

PO Box 1240

West Perth WA 6872

Tel: 08 6245 2057

Email:julia@everestcorp.com.au

Directors:

Non-Executive Chairman

Keith Coughlan

Technical Director

Greg Lee

Non-Executive Director

Don Strang

Corporate Information:

ASX Code: DOR

ASX / Media Announcement

1 October 2019

Horse Hill-1 and Horse Hill-2/2z Operational Update

Doriemus Plc(ASX: DOR) ("Doriemus" or the "Company"), announces that it has been informed by UK Oil & Gas Plc ("UKOG"), the majority owner of Horse Hill Developments Limited ("HHDL"), the operator of Horse Hill licences PEDL 137 and PEDL 246 in which Doriemus has a 2.6% interest, of the following operational update:

  • Drilling operations for the new HorseHill-2/2z("HH-2/2z") Portland Sandstone well commenced ("spudded") on Sunday morning, 29 September.
  • HH-2/2z,the first of two new horizontal wells in the field's Portland oil pool, is designed to be retained as a future production well, capable of delivering flow rates significantly higher than the results obtained from the extended well test of the HH-1 vertical Portland Sandstone discovery well.
  • Following a planned extensiveHH-2z production flow-testing campaign, both the HH-2z Portland Sandstone well and the HH-1 Kimmeridge Limestone well are expected to be put into long term production by the end of 2019.

Forward Drilling Plans

It is intended to drill a vertical pilot hole followed by a horizontal well using the same wellbore.

  • TheHH-2 pilot hole, designed to acquire key geological data to ensure the horizontal is correctly positioned within the Portland Sandstone reservoir, will drill ahead in 12¼" diameter hole down to around 2,000 ft below surface and will then be cased back to surface. Drilling of 8½" diameter hole followed by conventional coring over the full vertical section of the Portland Sandstone oil pool will then follow.
  • Upon reaching a total depth of approximately 3,000 ft, electric logs will be run and then the open hole section plugged back in preparation for the immediate start ofHH-2z.
  • The plannedHH-2z horizontal well will contain a horizontal section of approximately 3,200 ft wholly within the Portland Sandstone reservoir's most oil- productive zone. The wells total depth including the horizontal is expected to be 5,800 ft from surface.
  • Following last Monday'sshut-in, necessary to ensure safe rig assembly, test production from the HH-1 Kimmeridge Limestone oil pool was restarted on Saturday at initial half hourly rates of between 302-473 bopd. Kimmeridge Limestone test production is planned to continue throughout the drilling campaign.
  • Further drilling and testing updates will be issued in due course.

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CONTACT:

For further information on this update or the Company generally, please visit our website at www.doriemus.co.ukor contact:

Julia Beckett

Joint Company Secretary

Tel: +61 (0) 8 6245 2057

Email:julia@everestcorp.com.au

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE:

This announcement may contain 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. In respect to its UK operations, Doriemus is reliant on the information provided by the operators of those assets and does not control the day to day operations of these projects and is not always able to independently verify the information provided by such operators. Actual results and developments may differ materially from those expressed or implied. 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. 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 announcement 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 announcement.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

QUALIFIED PETROLEUM RESERVES AND RESOURCES ESTIMATOR STATEMENT:

Unless otherwise specified or referenced, 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.

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Doriemus plc published this content on 01 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2019 08:12:01 UTC