UK oil firm Doriemus, in its recent announcement has unveiled that it its making rapid progress at its partly-owed Horse Hill oil & gas field and has now completed the “clean-up” phase according to the plan executed by the operator of the project.
According to the sources familiar with the matter, over the past four days, the well released sustained solution gas flow and dry oil to the surface by using natural flow and pumps. Incidentally, Doriemus holds a 6.5% attributable interest in the licenses through its 10% shares in the Horse Hill Developments (HHDL), as per reports.
David Lenigas, Executive Chairman, Doriemus, revealed in a company statement that the unexpected natural oil flow to the surface without the use of a pump, has in fact given the company a reason to further believe in the commercial potential of the Portland oil pool. According to Mr. Lenigas, the test results have far exceeded the company’s initial expectations still being in the initial phases of its 150 day test campaign at Horse Hill. The signs to date are pretty much in favor for the Portland oil field, he adds.
For the record, the highest recorded per hour metered rate to date is equivalent to an implied daily rate of 352 barrels of oil per day. Doriemus claims that the solution gas flows have been evaluated to an implied rate of 30,000 cubic feet per day.
Reports reveal that, during the 2016 clean-up period a total of 463 barrels of light sweet 36 API crude were recovered to the surface coupled with 141 barrels of completion and kill fluids that were used to suspend the well.
As per the sources, Doriemus delivered its first tanker of 214 barrels of dry oil earlier this week to BP’s Hamble oil terminal. According to recent trading, Doriemus witnessed a rise of more than 16% to A$0.18 in its share price.