Rey Resources Ltd and Doriemus Plc entered into a farm-in agreement in March 2019, which will see Doriemus acquire interest in licence L 15, located in the Canning Basin.Â  Doriemus initiated the farm-in agreement on 5 March 2019.  Doriemus is to acquire 50% interest in L 15 under the farm-in agreement. To acquire 50% interest, and operatorship, in L 15 Doriemus must fund up to AUD 1 million in development costs associated with bringing the Kora West field back into production over the first 12 months. Doriemus reported that funds were already available prior to completion of due diligence. Doriemus reported on 15 February 2019 that the interest sale of Horse Hill Developments, UK, has also provided strength to its balance sheet as the West Australian farm-ins progress. Additional spend could also be raised from a combination of cash reserves and production revenue from its 20% interest in the Lidsey oil field, located in the Wessex Basin, UK.     L 15 is 100% owned by Gulliver Productions Pty Ltd, a wholly owned subsidiary of Rey Resources, and covers an area of 165 sq km over the Kora West field. The field was discovered in 1984 and produced around 20,000 bbl oil between 1989 and 1992. With 2P recoverable reserves of nearly 400,000 bbl, Doriemus plans to bring the Kora West field back into production by around May 2019.    Doriemus reported on 15 February 2019 that it had completed its due diligence relating to the acquisition of interest in Rey Resourcesâ L 15 (West Kora) licence. The company planned to seek finalisation of the previously reported farm-in agreement and joint operating agreement.Â    Doriemus first announced on that it had entered into a farm-in deal with Rey Resources 31 December 2018, for two Canning Basin permits, exploration permit EP 487 (Derby Block) and production licence L 15 (West Kora). The companies signed two independent binding letters of intent for Doriemus to acquire 50% interest and operatorship in both assets. In Ep 487, the farm-in agreement was terminated in August 2019, after Doriemus failed to meet required funding conditions for the farm-in.  L 15 was awarded on 1 April 2010. Should the farm-in be completed, interests will become: Doriemus Plc (50% + operator) and Gulliver Productions Pty Ltd (50%). Until this time, Gulliver Productions remains as operator with 100% interest.    Doriemus currently holds minority, non-operated interest in three licences in onshore United Kingdom. Upon completion of the deal with Rey will see Doriemus enter Australia for the first time.
PL 216 (Dalwogan), 230 sq km in the Taroom Trough, Bowen-Surat Basin, was awarded for CBM ops on 23 Jul â19 for 30 years