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DORIEMUS PLC - Significant upgrade to the Horse Hill discovery

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PR Newswire

9 April 2015

                                  Doriemus plc

                         ("Doriemus" or "the Company")

         Significant upgrade to the Horse Hill discovery, Weald Basin

Doriemus plc (AIM: DOR) is pleased to announce that UK Oil & Gas Investments
Plc ("UKOG"), has made the following positive news release with respect to the
Horse Hill -1 well in the UK's Weald Basin.

Doriemus interest in Horse Hill:

The Horse Hill-1 well is located within onshore exploration license PEDL 137,
on the northern side of the Weald Basin near Gatwick Airport.  Doriemus owns a
10% direct interest in Horse Hill Developments Ltd ("HHDL").  HHDL is a special
purpose company that owns a 65% participating interest and operatorship of
licence 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.

Enquiries:

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


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

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

UKOG news Release of 9 April 2015 in full is as follows:

London quoted UK Oil & Gas Investments PLC (LSE AIM: UKOG) is pleased to
announce that US-based Nutech Ltd ("Nutech"), one of the world's leading
companies in petrophysical analysis and reservoir intelligence, estimate that
the Horse Hill-1 ("HH-1") well in the Weald Basin has a total oil in place
("OIP") of 158 million barrels ("MMBO") per square mile, excluding the
previously reported Upper Portland Sandstone oil discovery.

The Horse Hill licences cover 55 square miles of the Weald Basin in southern
England in which the Company has a 20.36% interest.

Nutech's report to the Company states this OIP lies within a 653 feet aggregate
net pay section, primarily within three argillaceous limestones and interbedded
mudstones of the Kimmeridge, and the mudstones of the Oxford and Lias sections.
Approximately 72% of OIP, or 114 MMBO, lies within the Upper Jurassic
Kimmeridge interbedded limestone and mudstone sequence. The Executive Summary
of the Nutech Report is appended in full at the end of this release and the
full executive report with figures will be available on the Company's website
at www.ukogplc.com.

In order to establish estimates of total OIP within the licence area, the
semi-regional resource potential of the Weald Basin's eastern footprint is the
subject of ongoing analysis under the contracted alliance between Nutech, UKOG
and Solo Oil Plc. The results of the estimated OIP within the licence will be
reported when completed.

Final assessments of the Upper Portland Sandstone and the Oxford and Lias
sections are in progress, with further results expected shortly.

Stephen Sanderson, UKOG's CEO, commented:

"Drilling the deepest well in the basin in 30 years, together with the ability
to use concepts, techniques and technology unavailable in the 1980s, has
provided new cutting-edge data and interpretations to comprehensively change
the understanding of the area's potential oil resources."

"As a result, we believe that, in addition to the Portland Sandstone oil
discovery, the Horse Hill well has discovered a possible world class potential
resource in what is interpreted to be a new Upper Jurassic "hybrid play".

"With the help of Nutech's considerable global knowledge base and play library,
we have identified that the Horse Hill Upper Jurassic rock sequence is
analogous to known oil productive hybrid reservoir sections of the Bakken of
the US Williston Basin, the Wolfcamp, Bone Springs, Clearfork, Spraberry, and
Dean Formations in the US Permian Basin and the Bazhenov Formation of West
Siberia."

"The US analogues have estimated recovery factors of between 3% and 15% of Oil
in Place."

"The Company considers that the high pay thickness, combined with interpreted
naturally fractured limestone reservoir with measurable matrix permeability,
gives strong encouragement that these reservoirs can be successfully produced
using conventional horizontal drilling and completion techniques."

"Nutech's results combined with our extensive geochemical analyses strongly
indicates that the Company's Horse Hill licences lie within the likely sweet
spot of the identified "Weald hybrid play"."

"Appraisal drilling and well testing will be required to prove its
commerciality, but this "Weald hybrid play" has the potential for significant
daily oil production."

"The operator, Horse Hill Developments Ltd, with the assistance of Nutech, is
now focussed on flow testing the Portland Sandstone and Kimmeridge Limestone
sections of the well, to establish producibility and thereby seeking to
quantify an overall net discovered resource".

UKOG's interest in Horse Hill:

The Horse Hill-1 well is located within onshore exploration License PEDL 137,
on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 30%
direct interest in Horse Hill Developments Ltd ("HHDL") and a 1.32% interest in
HHDL via its 6% interest in Angus Energy Limited. HHDL is a special purpose
company that owns a 65% participating interest and operatorship of Licence PEDL
137 and the adjacent Licence PEDL 246 in the UK Weald Basin.

Qualified Person's Statement: Stephen Sanderson, UKOG's CEO, who has over 30
years of relevant experience in the oil industry, has approved the information
contained in this announcement. Mr Sanderson is a Fellow of the Geological
Society of London and is an active member of the American Association of
Petroleum Geologists.

The oil in place hydrocarbon volumes estimated should not be considered as
either contingent or prospective resources or reserves.

For further information please contact:

UK Oil & Gas Investments PLC

David Lenigas / Donald Strang Tel: 020 7440 0640

WH Ireland (Nominated Adviser and Broker)

James Joyce / Mark Leonard Tel: 020 7220 1666

Square 1 Consulting (Public Relations)

David Bick / Mark Longson Tel: 020 7929 5599


Nutech Executive Report Summary (dated: 8 April 2015):

Results and Recommendations:

NULOOK and NULIST (electric) log interpretation results, now calibrated by
POROLAB's rock analyses, calculate that the Horse Hill-1 well, excluding the
structurally constrained Upper Portland sandstone, has a total oil in place
("OIP") estimate of 158 million barrels of oil ("MMBO") per square mile. The
158 MMBO per square mile OIP correlates to an aggregate pay section of 653
feet, primarily from the argillaceous limestones and mudstones of the
Kimmeridge, and the mudstones of the Oxford and Lias sections. Table 1 shows
the calculated OIP values for the well's main stratigraphic units. It is highly
recommended that conventional flow testing be undertaken in one or more of the
Kimmeridge limestone units as part of the planned flow testing of the Upper
Portland sandstone discovery.

From its proprietary regional well log analyses NUTECH considers that the HH-1
OIP extends significantly beyond the 55 square miles of PEDL137 and PEDL246
with strong evidence that the eastern section of the Weald Basin contains
considerably larger oil potential than has been previously estimated and
published. This regional potential is the subject of ongoing analysis under
NUTECH's contracted alliance with UK Oil & Gas Investments PLC and Solo Oil
Plc.

Table 1: HH-1 NULOOK/NULIST OIP Summary Table:

SECTION       DEPTH FT    DEPTH FT    GROSS FT      PAY FT          OIP

                 TOP        BASE         MD           MD       MMBO/Sq. Mile

L. Portland     2038        2320         129          19            7.2

Kimmeridge      2482        4430        1948         511           114.9

Top             4430        5000         374          0             0.3
Corallian

Oxford          5050        5466         415          30            7.2

Kellaways       5466        5517         16           0             0.0

Upper Lias      6370        6711         220          0             0.4

Middle Lias     6711        7072         100          4             1.6

Lower Lias      7072        8096         986          53            17.6

Triassic        8288        8507         150          12            3.2

Palaeozoic      8508        8837         213          24            5.5

TOTAL                                   4308         653           158.0

                                         TOT         TOT            CUM

The most significant calculated OIP volumes lie within the Upper Jurassic
Kimmeridge section at 115 MMBO per square mile. The total Kimmeridge section
calculates at 511 feet net pay with a corresponding average TOC of 2.8 %. Table
2, below, illustrates that the Kimmeridge now contains three interbedded
argillaceous limestone and mudstone hybrid reservoir sequences, which contain
an aggregate OIP of 107 MMBO per square mile, or 93% of the total Kimmeridge
OIP.

The Middle Kimmeridge hybrid reservoir sequence is likely the most prospective
as it contains two thick circa 100 gross feet oil saturated limestone reservoir
units with an aggregate limestone only net pay section of 78 feet. The Middle
Kimmeridge units are encased within 593 gross feet of self-sourcing,
oil-saturated organic rich mudstones, with high TOCs up to 9.4%.

Fracture analysis, together with information from offset well information,
indicates that the Kimmeridge shows good evidence of natural fracturing,
particularly in the Middle Kimmeridge Limestone 1 and 2 pay sections.

Table 2: Kimmeridge Total and Kimmeridge Hybrid Section OIP and Metrics:

UNIT        LITHOLOGY TOP  BASE  GROSS NET PAY  CLAY PORO-SITY  SW   AVG ³  OIP
                       FT  FT MD FT MD PAY RANK                PAY ² TOC % MMBO/
                       MD                   *    %       %       %
                                       FT                                   SQ.
                                       MD                                  MILE

U. KIMM     Mudstone  2482 2649   167  19   3   50.1    9.7          1.14   7.9
                1

M. KIMM     Mudstone  2649 2825   176  100  3   50.2    9.7          2.13  19.2
HYBRID          2
SEQUENCE

              Upper   2825 2931   106  17  2.94 16.1    8.5    53.8   n/a   3.0
            Limestone
                1

            Mudstone  2931 3082   151  98  2.97 42.2    7.9          4.05  17.4
                3

              Lower   3082 3184   102  61  2.66 18.2    8.5    45.6   n/a  12.7
            Limestone
                2

            Mudstone  3184 3450   266  113  3   41.4    7.2          3.69  20.6
                4

L. KIMM     Limestone 3450 3479   29   17  2.88 23.6    9.3    57.0   n/a   3.0
HYBRID          3
SEQUENCE

            Mudstone  3479 4430   951  86   3   41.8    5.1          2.48  31.2
                5

              TOTAL              1948  511                                 114.9

*NUTECH flag system that shows the average pay ranking over a formation
sequence (5 flags=1, 4 flags=2, 3 flags=3), where 3 is minimum pay ranking; ²
Sw in generative shale assumed as ~0%, i.e. no free water; ³ TOC calculated
appear underestimated at high TOC sample values >5% TOC, values up to 9.4% seen
in samples.

Potential Analogue Plays and Recovery Factors:

From a geological, reservoir engineering and possible future operational
perspective, the interbedded naturally fractured carbonate and mudstone
reservoirs encountered in the HH-1 are analogous to the Middle Bakken limestone
of the Williston Basin. Further analogues are represented by the interbedded
tight clastic reservoirs and source rocks of the Three Forks Formation, the US
Permian Basin (Bone Springs, Wolfcamp, Clearfork, Spraberry, and Dean
Formations), and possibly the age equivalent Upper Jurassic Bazhenov Formation
of Russia's Western Siberian basin.

Bakken wells analyzed by NUTECH show a contacted OIP of between 10-20 MMBO per
square mile, from a formation thickness of 40-150 feet, containing one hybrid
carbonate reservoir to mudstone source-rock pairing. The Kimmeridge in HH-1 now
shows three carbonate reservoir-mudstone source-rock pairings. Recoveries per
well to date from the Bakken range from 8-15% in identified sweet spots.

NUTECH's analyses of the Wolfcamp/Bone Springs shows a contacted OIP range of
between 60-160 MMBO per sq. mile in a 300-400 feet thick section and exhibits
recovery factors of 1-10%.

Table 3: Comparison Metrics of HH Kimmeridge vs. Analogous Hybrid Producing
Plays:

Basin Names        HH Kimmeridge  Bakken &Three   Wolfcamp/Bone     U. & L.
                   (Weald Basin)      Forks          Springs        Bazhenov
                                                                   Russia- W.
                                                                    Siberia

Geological Era      U. Jurassic     Devonian &       Permian      U. Jurassic
                                  Carboniferous

Reservoir Age      145-157 MMybp  320-380 MMybp   260-300 MMybp  140-152 MMybp

Depth (feet)        2300-4400*     8,000-11,000   7,000-10,000     8000-11000

Areal Extent (sq.     ~1100²          ~6500           ~7800         ~800000
miles)

Thickness (feet)     1500-2000        25-150         300-400         60-150

Porosity               4-10%          4-12%           4-8%           2-12%

Water sat. (Sw)       10?-57%         25-60%         20-50%        10-15%***

Clay Content        15**-50***%        25%           20-30%          10-30%

Maturity Ro         0.5- 0.91%        0.5-1%         0.8-1%         0.5-1.1%

Measured TOC%         2- 9.4%         8-12%           4-8%           3->11%

Hydrogen Index        650-900        298-450        ~100-700        200-700

OIP/sq. mile            114           10-20          60-160         7.25->13
(MMBO)

Recovery Factor         •           8-15%           3-10%           •

*HH-1 uplifted by up to ~5000 feet, **within argillaceous limestone units, ***
in mudstones, ² total Jurassic Weald shale prospective area, from BGS 2014, fig
47.

The Bazhenov Formation, of the same geological age and general stratigraphic,
oil source rock composition and source richness as the Kimmeridge, constitutes
the main oil source rock of the super-giant W. Siberian petroleum system. Some
200 conventional Soviet era vertical wells have been drilled and produced at
highly variable rates and recovery factors in the last 50 years in the Bolshoi
Salym field area. Production to date is primarily from a hybrid of thin
naturally fractured low porosity and permeability limestone, silicite and
carbonate silicite conventional tight reservoir units interbedded within the
currently generative high TOC source rock (key metrics are shown in Table 3).

Recent publications show that the Upper and Lower Bazhenov mudstone oil source
rock formations both contain a 10-30 feet low porosity limestone/carbonate
conventional reservoirs created by the replacement of radiolarian fossils and
algae or bacteria by carbonate cementation. Additional reservoirs exist in thin
5-10 feet thick naturally fractured silicites and carbonate silicites. The
Bashenov constitutes a significant future hybrid reservoir target and oil
resource albeit on a much larger geographical scale than the Kimmeridge. It is
the focus of intense studies and horizontal drilling by Shell/Gazprom and Exxon
/Rosneft. Bazhenov well economics have likely been significantly boosted by
Russia's recent oil/corporation tax exemptions for tight (low poroperm i.e.,
under 2 milliDarcy permeability) reservoir developments.

Work in Progress:
Final assessments of the Upper Portland sandstone reservoir and the Oxford and
Lias sections are still being completed with the assistance of UKOG and its
technical team. The overall regional potential of the Weald Basin is the
subject of ongoing analysis under the contracted alliance.

Glossary:

argillaceous         a limestone containing a significant proportion of clay
limestone            minerals

cementation          involves ions carried in groundwater chemically
                     precipitating to form new crystalline material between
                     sedimentary grains

clastic              rocks composed of broken pieces of older rocks

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

effective porosity   The interconnected pore volume or void space in a rock
(PHIE)               that contributes to fluid flow or permeability in a
                     reservoir. Effective porosity excludes isolated pores and
                     pore volume occupied by water adsorbed on clay minerals or
                     other grains

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

fractured            containing a crack or surface of breakage within rock;
                     fractures can enhance permeability of rocks greatly by
                     connecting pores together

free water           water that is mobile, available to flow, and not bound to
                     surfaces of grains or minerals in rock

hydrogen index (HI)  the amount of hydrogen relative to the amount of organic
                     carbon in a sample, normally expressed in milligrammes of
                     hydrogen per gramme of TOC.  The higher the amount of
                     hydrogen the more oil prone the source rock when subjected
                     to time, temperature and pressure; an initial HI over 450
                     normally indicates an oil prone source rock

limestone            a carbonate sedimentary rock predominantly composed of
                     calcite of organic, chemical or detrital origin. Minor
                     amounts of dolomite, chert and clay are common in
                     limestones. Chalk is a form of fine-grained limestone

lithology            The macroscopic nature of the mineral content, grain size,
                     texture and color of rocks

micrite              a sedimentary rock formed of very fine grained calcareous
                     particles ranging in diameter from 0.06 to 2mm, often
                     referred to as lime mudstone

milliDarcy           a standard unit of measure of permeability. One Darcy
                     describes the permeability of a porous medium through
                     which the passage of one cubic centimeter of fluid having
                     one centipoise of viscosity flowing in one second under a
                     pressure differential of one atmosphere where the porous
                     medium has a cross-sectional area of one square centimeter
                     and a length of one centimeter. A milliDarcy (mD) is one
                     thousandth of a Darcy and is a commonly used unit for
                     reservoir rocks

MD                   measured depth

MMBO                 millions of barrels of oil

MMybp                millions of years before present

mudstone             an extremely fine-grained sedimentary rock consisting of a
                     mixture of clay and silt-sized particles

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

oil saturation       the amount of the pore space within a reservoir containing
                     oil

organic rich         a rock rich in organic matter which, if subjected to
                     sufficient heat and pressure over geological time, will
                     generate oil or gas.  Typical source rocks, usually shale
                     or limestone, contain above an initial 2% organic matter
                     by weight

pay                  a reservoir or portion of a reservoir that contains
                     economically producible hydrocarbons. The term derives
                     from the fact that it is capable of "paying" an income.
                     The overall interval in which pay sections occur is the
                     gross pay; the smaller portions of the gross pay that meet
                     local criteria for pay (such as minimum porosity,
                     permeability and hydrocarbon saturation) are net pay

permeability         the capability of a porous rock or sediment to permit the
                     flow of fluids through its pore spaces

play                 a set of known or postulated oil and or gas accumulations
                     sharing similar geologic, geographic, and temporal
                     properties, such as source rock, migration pathways,
                     timing, trapping mechanism, and hydrocarbon type

porosity             the percentage of void space in a rock formation, where
                     the void may contain, for example, water or petroleum

recovery factor      those quantities of petroleum, as a proportion of OIP
                     anticipated to be commercially recoverable by application
                     of development projects to known accumulations from a
                     given date forward under defined conditions

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

sandstone            a clastic sedimentary rock whose grains are predominantly
                     sand-sized. The term is commonly used to imply
                     consolidated sand or a rock made of predominantly quartz
                     sand

silicite             fine grained rocks composed primarily of layered silica

source rock          a rock rich in organic matter which, if subjected to
                     sufficient heat and pressure over geological time, will
                     generate oil or gas.  Typical source rocks, usually shale
                     or limestone, contain above an initial 1% organic matter
                     by weight

sweet spot           the area within a shale source rock unit showing highest
                     TOC and generative potential normally associated with
                     basin centred deposition

thermal maturity     a term applied to source rocks which have received
(Ro)                 sufficient temperature and pressure over geological time
                     to generate hydrocarbons

TOC                  total organic carbon - the weight percent amount of
                     organic carbon within the rock which is a commonly used
                     measure of hydrocarbon source rock richness

water saturation     The fraction of water in a given pore space. It is
(Sw)                 expressed in volume/volume, percent or saturation units.

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