On 15 February 2018, Doriemus Plc announced that is has completed its due diligence relating to the acquisition of interest in Rey Resources Ltdâs production licence L 15 (West Kora). The company now plans to seek finalisation of the previously reported farm-in agreement and joint operating agreement. Dorieums also reported that it has been concurrently completing due diligence on exploration licence EP 487, which is also aims to enter. The due diligence period expires at the end of February.   Doriemus announced on 31 December 2018 that it had entered into a farm-in deal with Rey Resources for the 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.   To acquire 50% interest and operatorship in L15, 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 to complete due diligence, which has now been completed. The additional spend could 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% by Gulliver Productions Pty Ltd 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.  To acquire 50% interest and operatorship in EP 487, Doriemus must first engage an independent consultant to reassess the volumetrics of the Butler Prospect and look at drill options to test the play down to around 4,000 m, in Q3 2019. Doriemus has a 60-day due diligence period before entering into a joint operating agreement. After 12 months, and completion of agreed deal terms, Doriemus will be assigned 50% interest in EP 487.  EP 487 is 100% owned by Rey Resourcesâ subsidiary company Gulliver Productions Pty Ltd and covers an area of 5,000 sq km. It is considered to host predominantly a Wet Laurel Basin Centred Gas Play, on trend with Mitsubishiâs Valhalla and Asgard gas fields, located approximately 55 km to the southeast.  In 2017, 3D-GEO reported the permit area, including the Butler Prospect, contains estimated gas in place of 169.6 Tcf, on a P50 basis. Recoverable resources were estimated as 28.4 Tcf gas with 707 MMb of associated condensate.  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.  EP 487 and L 15 were awarded on 14 March 2014 and 1 April 2010, respectively. Should both deals 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 Plc announced that is has completed its due diligence relating to the acquisition of interest in Rey Resources Ltdâs production licence L 15 (West Kora). 