Doriemus feeling upbeat after year of investment
Oil and gas focused Doriemus ended 2014 with a strong balance sheet and said it was confident that its investments made during the period were "potentially very rewarding".
Doriemus
0.05p
11:14 08/03/16
Financial Services
13,950.65
09:40 26/04/24
FTSE AIM All-Share
755.95
09:40 26/04/24
It ended the period with no debt and as of 26 June had assets amounting to around £1.6m, of which £1.2m was cash.
Total revenue was £0.1m compared to £0.2m a year earlier, while losses widened to £0.6m from £0.5m.
The firm said it was well-placed to create meaningful future shareholder value and that it would continue to seek out further investments.
It also predicted "significant improvements" in production at the two Angus Energy-owned licences in which it has a 20% interest, with a new crestal production well proposed to be drilled on Lidsey and a sidetrack of an existing well proposed on Brockham.
"We should also know the outcome of the Horse Hill-1 well test with relation to the commercial viability of the Portland oil discovery and further ‘proof of concept’ for the Kimmeridge Limestone play."
The share price had risen 3.7% by 2:52.