Recent ASX debutant Doriemus (ASX: DOR) reported final government approvals have been granted to start producing oil from the BR-X4Z well, part of the company’s 10%-owned Brockham oil field concession, in the United Kingdom.
Doriemus and the joint venture’s operator Angus Energy are targeting initial production from the Kimmeridge layers within BR-X4Z.
Prior to production, Angus Energy will connect to the UK’s national grid to feed excess power generated onsite back into the grid.
The Brockham licence is 8.9 square kilometres and located in southern England’s Weald Basin.
It is believed the BR-X4Z well could produce similar quantities to Doriemus’ nearby 6.5%-owned Horse Hill discovery, which producing more than 1,500 barrels per day during testing.
“We at Doriemus now have a great deal of activity happening at both our Brockham and Lidsey oil fields and will soon be conducting the extended well testing program at the Horse Hill 1 ‘Gatwick Gusher’ well as announced last week,” Doriemus executive chairman David Lenigas said.
Less than four weeks ago, UK-based Doriemus was admitted to official quotation on the ASX at an issue price of $0.26 per share, raising A$3.5 million.
As well as the Brockham concession, the company’s other primary asset is a 20% stake in the Lidsey oil field – also in the Weald Basin.
According to Doriemus, Brockham and Lidsey oil fields are established onshore projects with forecast lower production costs of about US$15 per barrel.
Net to Doriemus, the contingent resource for Lidsey is 3C 221,000 barrels of oil, while the Brockham resources is 28,000 barrels of oil.
Doriemus also has interests in projects based in the Isle of Wight and Greenland.
Shares in Doriemus were at $0.42 in early morning trade.