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.
Doriemus announced on the 10 August 2016, that it had acquired all of Angus Energy Limited’s rights in respect of its 5% legal and beneficial interest in the 200 km2 onshore Isle of Wight oil and gas licence (PEDL331) 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 Plc, Solo Oil plc and Angus.
The Licence has been issued by the OGA in the name of Angus (5%), UK Oil & Gas Plc (65%) and Solo Oil Plc (30%). The process will now start to transfer all of Angus’s rights, title and interest in the Licence to Doriemus as Angus have received consideration in full under the Doriemus/Angus acquisition agreement.
On 28 January 2016, UK Oil & Gas Investments Plc provided an update on the Arreton-2 Conventional Oil Discovery, located within the Licence, and published an independent assessment by Xodus of the potential Oil in Place and Recoverable Resources for the Licence.
David Lenigas, Doriemus’s Executive Chairman, commented:
"Doriemus sees tremendous potential for this 200 km2 Licence, which encompasses nearly half the Isle of Wight. 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.”
Read the article online at: https://www.oilfieldtechnology.com/exploration/21102016/doriemus-plc-grant-of-isle-of-wight-onshore-oil-and-gas-licence-pedl331/