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DORIEMUS PLC - Horse Hill-1 Provisional Results at TD, Weald Basin UK

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PR Newswire

                                                                 5 November 2014

                                 Doriemus PLC

                         ("Doriemus" or the "Company")

            Horse Hill-1 Provisional Results at TD, Weald Basin UK

Doriemus today announces that the Horse Hill-1 well was successfully completed
with a discovery in the Jurassic and has reached total depth ("TD") at 8,770
feet measured depth ("MD") in rocks of pre-Triassic Palaeozoic age, which were
prognosed at that depth.

The well has been electrically logged from the previous casing point to TD and
a vertical seismic profile ("VSP") has been acquired to correlate the well to
the available 2D seismic data. The logs are now being analysed along with all
other relevant data from the well and the initial results are set out below.

In addition, the well is currently being prepared for future flow testing in
the identified Jurassic age Portland Sandstone discovery.

Portland Discovery

The well is currently being prepared for testing and as a probable future oil
production well from the Portland Sandstone oil discovery, where, as announced
on 24 October 2014, a preliminary most likely estimate of 3.1 million barrels
("mmbbls") of gross in place oil has been calculated within the upper Portland
from a 102-foot gross oil column, with a further most likely unrisked
undiscovered gross oil in place volume of 16.8 mmbbls in a separate lower sand
in the Portland interval located in an untested fault block immediately to the
south.

On completion of the analysis of the electric logs and the VSP, Horse Hill
Developments Ltd ("HHDL") as operator, intends to apply to the Department of
Energy and Climate Control ("DECC") for permission to carry out a flow test on
the Portland Sandstone.

Kimmeridge Limestone Potential

Geochemical studies, to determine oil source rock richness and thermal
maturity, are being conducted on rock samples from the Kimmeridge Clay, Oxford
Clay and Liassic Shale formations encountered in the well. The geochemical
analyses will be integrated with other data in order to evaluate the potential
for Horse Hill-1, and the area to the southwest, to have generated hydrocarbons
resulting in the trapping of oil in the Portland and other reservoir objectives
within the southern area of PEDL 137.

Preliminary analysis of samples from the Kimmeridge Clay immediately below the
Portland Sandstones, in a section which also contains oil shows and multiple
limestone sections individually up to 105 feet in thickness (refer RNS dated 16
October 2014), have higher than expected oil source potential with a measured
total organic carbon content ("TOC") of over 5% by weight. The operator
continues to investigate the conventional potential of the Kimmeridge
Limestones in a possibly analogous situation to the nearby Balcombe oil
discovery.

Triassic Target

The Triassic target, which although previously untested was believed to have
potential for gas, was penetrated at 8,054 feet MD and an approximately
380-foot thick interval, interpreted to be equivalent to the Rhaetic and Mercia
Mudstone formations, and was drilled without any observable reservoir rocks or
moveable gas being encountered.

The Mercia Mudstone overlies and seals the Triassic Sherwood Sandstone oil pool
of the Wytch Farm Oil Field in the Wessex Basin. The Horse Hill-1 well results
suggest the prognosed Triassic reservoir rocks, equivalent to the Sherwood
Sandstone, are not developed this far north in the basin, though they may be
developed to the southwest closer to the center of the basin.

The Marriott 50 rig will be demobilised over the coming week from the well site
and all equipment will be removed pending a future decision on testing and
production.

Donald Strang, the Company's Chairman, commented:

"Whilst we are naturally disappointed that there was no gas discovery in the
Triassic, we remain delighted that the well has made an oil discovery in the
Jurassic Portland Sandstone and that further opportunities for additional oil
potential have also been revealed by the well, particularly in the Kimmeridge
Limestones, both in the licence block and in the wider Weald Basin, and that
these are now in the process of being assessed.

"All the data from the well will now be fully analysed and a decision taken on
the work necessary to appraise and develop the Portland discovery."

Doriemus interest in Horse Hill

The Horse Hill-1 well is located on the northern side of the Weald Basin near
Gatwick Airport. Doriemus owns a 10% interest in Horse Hill Developments Ltd.
(HHDL). HHDL is a special purpose company that owns a 65% participating
interest and operatorship of onshore licences PEDL 137 and the adjacent licence
PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are
HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35%
interest. Dorimeus' net attributable interest in PEDL 137 and 246 is therefore
6.5%

Competent Person's Statement

The technical information contained in this announcement has, for the purposes
of the AIM Guidance Note for Mining, Oil and Gas companies has been reviewed
and approved by Jonathan Tidswell-Pretorius, executive director at HHDL and
Chairman of Angus Energy Ltd, a UK-registered onshore operator who has 15 years
of relevant experience in the oil and gas industry. Mr. Tidswell-Pretorius is a
member of the Society of Petroleum Engineers and United Kingdom Onshore Oil and
Gas (UKOOG) industry bodies.

Glossary:

2D seismic           seismic data collected using the two-dimensional common
                     depth point method

contingent resources those quantities of petroleum estimated, as of a given
                     date, to be potentially recoverable from known
                     accumulations, but the applied project(s) are not yet
                     considered mature enough for commercial development due to
                     one or more contingencies. Contingent Resources may
                     include, for example, projects for which there are
                     currently no viable markets, or where commercial recovery
                     is dependent on technology under development, or where
                     evaluation of the accumulation is insufficient to clearly
                     assess commerciality

discovery            a discovery is a petroleum accumulation for which one or
                     several exploratory wells have established through
                     testing, sampling and/or logging the existence of a
                     significant quantity of potentially moveable hydrocarbons

electric logs        tools used within the wellbore to measure the rock and
                     fluid properties of surrounding rock formations

MD                   measured depth

oil in place         the quantity of oil or petroleum that is estimated to
                     exist originally in naturally occurring accumulations
                     before any extraction or production

reservoir            a subsurface rock formation containing an individual
                     natural accumulation of moveable petroleum that is
                     confined by impermeable rock/formations

TD                   total depth

TOC                  total organic carbon - a measure of hydrocarbon source
                     rock richness

TVDss                true vertical depth below a subsea datum

undiscovered         those quantities of petroleum which are estimated, as of a
                     given date, to be contained within accumulations that have
                     not been tested by drilling

VSP                  vertical seismic profile

For further information, please contact:

Doriemus plc
Donald Strang/Hamish Harris                   +44 (0) 20 7440 0640


Cairn Financial Advisers LLP                  +44 (0) 20 7148 7900
James Caithie / Jo Turner / Carolyn Sansom

Public Relations                              +44 (0) 20 7929 5599
Square 1 Consulting Ltd
David Bick/Mark Longson

ENDS

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