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Horse Hill-Oilfield Update

Source: www.gulfoilandgas.com 3/16/2020, Location: Europe

Doriemus Plc has been informed by UK Oil & Gas Plc ("UKOG"), who is the majority owner of the operating company Horse Hill Developments Limited ("HHDL"), the operator of Horse Hill licenses, of the following operational update in regards to the Horse Hill Field update:
- The Oil and Gas Authority has approved the Horse Hill Field Development Plan and consented to the start of long-term production (“Production”) from the field.
- This key consent will enable net recoverable reserves to be allocated to all partners, a pre-requisite for any potential future debt-based funding. It will also permit the operator to enter into long-term field operations contracts which can help reduce operating costs below $19 per barrel, making the field profitable even at current low oil prices.
- Portland oil pool “Production” will commence via Horse Hill-1 (“HH-1”), a well intervention program is planned to install a dual completion that will allow simultaneous production from both the Kimmeridge and the Portland in late spring.
- Production from HH-2z is planned to follow upon completion of the current extended well testing campaign.

Doriemus Plc interest in Horse Hill:
Doriemus owns 4% of Horse Hill Developments Limited (“HHDL”), which owns 65% of the two UK onshore petroleum exploration and development licences being PEDL 137 and PEDL 246, which hosts the Horse Hill oil discovery in the UK’s onshore Weald Basin. This equates to a 2.6% working interest in PEDL 137 and PEDL 246 licenses.

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