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Doriemus welcomes positive change to HH licence terms

Doriemus says the UK Oil and Gas Authority has granted a significant and positive change of terms to the Horse Hill (HH) PEDL137 and PEDL246 licences near Gatwick Airport.

Doriemus says the UK Oil and Gas Authority has granted a significant and positive change of terms to the Horse Hill (HH) PEDL137 and PEDL246 licences near Gatwick Airport.

At the operator Horse Hill Developments Ltd's election, of which Doriemus is a shareholder, the licences will adopt 2016 14th Round licence terms permitting the HH licences to continue without further relinquishment. 

A Retention Area (RA) covering the entire 55 square mile licence area and an outline work programme has been agreed with the OGA. The RA will continue throughout the agreed work programme period currently due to expire on June 30, 2018 for PEDL137 and June 30, 2017 for PEDL246. 

The HH Licences forward work plan includes long-term production testing of 3 Kimmeridge Limestone zones plus the overlying Portland, two contingent appraisal/development wells and 3D seismic.

Doriemuss executive chairman David Lenigas said: "The conversion of the Horse Hill licences to the new 14th round Licence terms is seen as being extremely valuable to the Company and the Horse Hill partners and the future plans for this new UK onshore oil discovery.

"After the recent oil discoveries at Horse Hill, ownership of every square mile is very important at this stage. The HHDL partners can now move their stated Portland and Kimmeridge Limestone appraisal and development programmes forward with the certainty that the partners can retain 100% of the entire 55 square mile licences without the necessity of any future relinquishments."

Doriemus owns a 10% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of licence PEDL137 and the adjacent licence PEDL246 in the UK Weald Basin.



Story provided by StockMarketWire.com