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Termination of EP487 Farmout Agreement

Source: www.gulfoilandgas.com 8/5/2019, Location: Not categorized

Doriemus Plc (DOR) has received a notice of termination of the relevant EP 487 Farmout Agreement from Rey Resources Limited (REY). The EP487 Farmout Agreement was terminated by Rey Resources Limited as result of Doriemus not satisfying the relevant condition precedent to have sufficient funding in place by 31 July 2019 in order to undertake the drilling of an exploration well (Butler prospect) proposed as part of the relevant farm in obligations on EP487.

The termination ceases the right of Doriemus to earn an interest in EP487 and brings the EP487 Farmout Agreement to an end. The termination of the EP487 Farmout Agreement does not affect the farmout arrangements for L15, also with Rey Resources Limited, which is pursuant to the separate L15 Farmout Agreement.

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