29 September 2017
Doriemus Plc
("Doriemus" or the "Company")
ASX Listing, Issue of Equity and Directorate Changes
Doriemus plc (ASX:DOR and NEX:DOR), the quoted company focused on UK based oil and gas exploration and production, has today commenced trading on the Australian Securities Exchange ("ASX"). The Company successfully raised approximately A$3.5 million (before expenses) through the issue of 13,461,539 CHESS Depositary Interests (CDIs) over ordinary shares in the Company at an issue price of A$0.26 per CDI to successful applicants under the Company's prospectus dated 30 August 2017. On 26 September 2017, the Company also issued 1,000,000 CDIs to the nominees of Patersons Securities Limited in Australia who acted as lead manager on this successful transaction.
The fundraise gives the Company an indicative market capitalisation of A$13.1 million (~£7.7 million) at the IPO CDI capital raising price of A$0.26 per CDI.
David Lenigas, Doriemus' Chairman, commented:
"We are pleased to welcome our new Australian directors Greg Lee and Glenn Whiddon to the board and our new Australian shareholders to Doriemus. Doriemus is now dual listed on the ASX, a world recognised senior stock exchange, and on London's NEX Exchange."
"The extra funding provided by this IPO, adds significant cash to the Company's balance sheet and we now look forward to accelerating the growth of the Company through the completion of the drilling programmes at both the fully permitted Lidsey and Brockham oil fields in the new Weald Basin oil play south of London. The completion of the Lidsey-X2 production well over the coming weeks, in which Doriemus owns 30% of this well's production, will hopefully see revenues flowing to the Company in the short term. In addition, we are very excited about the oil flow potential of the Brockham oil field near Gatwick Airport, which is now primed and ready for oil production once the permissions are received from the UK Oil and Gas Authority to complete the well as a producer. Doriemus is the only ASX listed company that has direct production and exploration exposure to the Weald Basin in the UK and we have a long-term strategy in place to grow our exposure to this significant new conventional oil province in the UK."
Background:
Since the current management took board control of the company in 2013, Doriemus has acquired a portfolio of oil and gas assets located primarily in the UK with a view to acquire additional oil and gas assets consistent with the Company's strategy in the future. Doriemus' key assets include its direct interests in the Lidsey (PL 241) and Brockham (PL 235) oil fields which are the subject of current drilling programmes aimed at producing at levels to generate income.
Doriemus holds a direct 10% interest Brockham, operated by a subsidiary of Angus Energy Plc, Angus Energy Weald Basin No. 3 Limited, ("Angus Energy") and a direct 20% interest in the onshore Lidsey Oil Field, also operated by Angus Energy.
The Company is not aware of any legal, regulatory, statutory or contractual impediments to the Company continuing to carry out exploration and producing activities at UK onshore licences PL 235 or PL 241.
Appointment of new Directors:
In conjunction with the successful listing on the ASX the Company is pleased to announce the appointments of Gregory Lee as Technical Executive Director and Glenn Whiddon as Non-Executive Director.
Mr Gregory Jonathan Lee - Technical Director
Mr. Lee is a Petroleum Engineer who has over 30 years of diversified oil and gas experience in both technical and managerial positions. The main focus of his responsibilities has been on acquisitions and divestments, project management and supervision, oil and gas field development and operation, production technology and reservoir enhancement, field operations, drilling and completions activities, exploration, carbon dioxide capture and storage. Mr Lee also has a very keen interest in renewable and sustainable energy and best practices. Mr. Lee is a chartered professional engineer (CPEng) and a member of the Society of Petroleum Engineers (MSPE) and has been an independent petroleum engineer consultant since 1992 having worked with both large and small organisations (both as operators and non-operators) in numerous countries worldwide. Mr. Lee has been involved with the listing and management of public listed companies on both AIM and the ASX since 2003.
Mr Glenn Ross Whiddon - Non- Executive Director
Mr Whiddon has an international background in banking, corporate advisory and direct equity investments with a specific focus on the natural resources sector, specifically in African, European and Russian oil and gas transactions. Mr Whiddon has extensive corporate and management experience in identifying corporate opportunities involving the structuring, financing, development and completion of projects. Mr Whiddon is the executive Chairman of ASX listed Auroch Minerals Limited and a non-executive director of ASX listed Azonto Petroleum Ltd.
Disclosures: Mr Gregory Lee's and Mr Glenn Whiddon's current and past (five years) directorships:
The information required to be disclosed in respect of the appointment of Mr. Lee and Mr. Whiddon under Rule 70 and paragraph 21 of Appendix 1 of the NEX Growth Market Rules for Companies can be found in the Company's' prospectus for the purposes of its listing on the Australian Securities Exchange and can be found at www.doriemus.co.uk.
Issue of Options:
The Company confirms that it has granted the following options:
| Option Holder | Exercise Price per Share (GBP) | Number of Options | Equivalent CDIs |
| David Lenigas | £0.1918 | 3,000,000 | 3,000,000 |
| Gregory Lee | £0.1918 | 1,500,000 | 1,500,000 |
| Donald Strang | £0.1918 | 3,000,000 | 3,000,000 |
| Hamish Harris | £0.1918 | 1,500,000 | 1,500,000 |
| Glenn Whiddon | £0.1918 | 1,500,000 | 1,500,000 |
| Consultants | £0.1918 | 625,000 | 625,000 |
| Lead Manager and their nominees | £0.1918 | 2,000,000 | 2,000,000 |
Note with respect to Options of Directors and Consultants:
Vesting Conditions - Date of admission of the Company to the Official List of the ASX.
Term - 5 years
Grant Date - Date of admission of the Company to the Official List of the ASX.
Expiry Date - 5th anniversary of the date of admission of the Company to the Official List of the ASX.
Note with respect to Options of Lead Manager and their Nominees:
Vesting Conditions - Date of admission of the Company to the Official List of the ASX.
Term - 4 years
Grant Date - Date of admission of the Company to the Official List of the ASX.
Expiry Date - 4th anniversary of the date of admission of the Company to the Official List of the ASX.
Final Share Capital Structure:
As at today, the first day of trading on the ASX, the Company has 50,420,109 ordinary shares of 0.4 pence nominal value each in issue. The Company also has a total of 14,500,000 options to subscribe for 14,500,000 shares in the Company outstanding.
Substantial shareholdings
Doriemus is aware of the following security holders who, together with their associates, have a relevant interest (within the meaning of section 608 of the Corporations Act 2001 (Cth)) in 5% or more of the total number of votes attached to the voting shares.
| Name | Date of becoming a substantial holder | Number and class of equity securities | Percentage of total voting shares |
| JIM NOMINEES LIMITED | 29 September 2017 | 4,289,936 ordinary shares (equivalent to 4,289,936 CDIs) | 8.51% |
| SL INVESTMENT MANAGEMENT LIMITED | 29 September 2017 | 2,677,999 ordinary shares (equivalent to 2,677,999 CDIs) | 5.31% |
Updated Expenditure:
Further to the expenditure budget in the prospectus, the Company has the current expected cash commitments of:
Cost of capital raising: A$870.000
Work programme at Brockham Oil Field: A$170,000
Work programme at Lidsey Oil Field:A$920,000
Work programme at Horse Hill: A$580,000
Licence fees:A$190,00
Total:A$2,730,000
Doriemus is headquartered in London, UK, and is also admitted to the NEX Exchange Growth Market in London.
The directors of the Company accept responsibility for the contents of this announcement.
CONTACTS:
For further information on this update or the Company generally, please visit our website at
www.doriemus.co.uk or contact:
Investors / Shareholders
Doriemus Plc
www.doriemus.co.uk
UK Contacts:
David Lenigas (Executive Chairman)
+44 (0) 20 74400640
Don Strang (Finance Director)
Australia Contacts:
Greg Lee (Executive Director)
+61 (0) 420 302 100
Julia Beckett
+61 08 61413500
Email: julia.beckett@wolfstargroup.com.au
NEX Corporate Adviser
Peterhouse Corporate Finance Limited
+44 (0) 20 7469 0930
Guy Miller
Fungai Ndoro
