WEST KORA OIL PRODUCTION FARMIN:
A subsidiary of the company Doriemus L15 Pty Ltd has executed a farmout agreement with a subsidiary of ASX Listed Rey Resources Limited (“REY”). Whereby Doriemus will, once it satisfies the earning obligation as set out in previous announcements earn a 50% working interest and will be appointed the operator in the 163 km2 L15 permit (“West Kora” or “L15”) onshore block in the northern Canning Basin. Although the Farmout Agreement has now been executed, Doriemus must still satisfy earning obligations set out above before it will be assigned the 50% interest in L15 from REY, at which point the parties have agreed the Joint Operating Agreement (JOA) will become operational and govern the future relationship between the parties. REY currently owns 100% of L15 and Doriemus can secure its 50% interest meeting by meeting certain funding requirements for field development over the following year on the permit and to bring West Kora back in to production.
Summary of L15:
L15 is a production licence granted in 2010 and contains the West Kora oilfield with production history. The last time the well was in production was in 1998. Doriemus aims to bring L15 back in to production Q2/Q3 2019, when the Kimberley wet season is over.