Stellar ASX debut for British oil and gas play Doriemus
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British oil and gas explorer Doriemus had a stellar ASX debut on Friday, closing at a 92 per cent premium to its issue price after raising $3.5 million.
The dual-listed stock (ASX: DOR) was trading at an intraday high of 52.5c, up 102 per cent on its 26c issue price, before cooling to close the day at 50c with more than 300,00 shares changing hands.
Doriemus, which is also listed on the London’s NEX exchange, owns oil and gas assets in the the Weald Basin, Southern England. Its key assets include interests in the producing Lidsey and Brockham oil fields which are the subject of current drilling programs.
“We now look forward to accelerating the growth of the company through the completion of the drilling programs at both the fully permitted Lidsey and Brockham oil fields in the new Weald Basin oil play south of London,” said Doriemus chairman David Lenigas.
“The completion of the Lidsey-X2 production well, in which Doriemus owns 30 per cent of this well’s production, will hopefully see revenues flowing to the company in the near 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 final 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 and has a long- term strategy to grow exposure to this oil province.
The company has a market cap of around $17 million.