Doriemus acquisition bearing fruit at Isle of Wight

Oil and gas exploration and production investment company Doriemus was starting to see the fruits of its Angus Energy acquisition on Tuesday, as it confirmed that the UK Oil & Gas Authority executed the PEDL331 licence on 16 September.

The AIM-traded firm said the start date of the licence is 21 July 2016, with an initial term until 20 July 2021, the second term until 20 July 2026 and a licence end date anticipated to be 20 July 2046.

It came after Doriemus announced on 10 August that it had acquired all of Angus Energy’s rights in respect of its 5% legal and beneficial interest in the 200 square kilometre onshore Isle of Wight oil and gas licence - PEDL 331 - together with all of Angus’ rights in respect of its 5% interest in the joint operating agreement to be entered into between UK Oil & Gas Investments, Solo Oil and Angus.

The Licence has been issued by the OGA in the name of Angus at 5%, UK Oil & Gas at 65% and Solo Oil at 30%.

Doriemus said the process will now start to transfer all of Angus’s rights, title and interest in the licence to itself, as Angus have received consideration in full under the acquisition agreement.

“Doriemus sees tremendous potential for this 200 square kilometre licence, which encompasses nearly half the Isle of Wight,” said executive chairman David Lenigas.

“The licence contains a significant conventional oil discovery in the Arreton-2 well, previously drilled by British Gas in 1974.

“We look forward to being part of the partnership that can now move forward to realise the potential of the licence.”