Doriemus : Licence Extension on PEDL331 Arreton

Doriemus Plc

ARBN: 619 213 437

Head Office:

Suite 3b, 38 Jermyn Street

Princes House

London, UK

Sw1Y 6DN

Phone: [phone]

Fax: [phone]

Email: [e-mail]

Website: www.doriemus.co.uk

Australian Contact Information:

Julia Beckett

Joint Company Secretary

Address:

Suite 12, Level 1

11 Ventnor Avenue

West Perth WA 6005

Australia

Postal Address:

PO Box 1240

West Perth WA 6872

Tel: [phone]

Email:[e-mail]

Directors:

Non-Executive Chairman

Keith Coughlan

Technical Director

Greg Lee

Non-Executive Director

Don Strang

Corporate Information: ASX Code: DOR

ASX / Media Announcement

21 August 2019

Licence Extension on PEDL331 Arreton

Doriemus Plc (ASX: DOR) ("Doriemus" or the"Company"), is pleased to announce that it has been informed by the operator of PEDL 331 UK Oil & Gas plc ("UKOG" or the "Operator") that the UK Oil and Gas Authority ("OGA") has granted atwo-yearextension to the expiry of the initial terms of the PEDL331 License. The initial terms are now not due to expire until at least 20 July 2023.

The Company understands that the extension should allow for sufficient time for the Operator's previously reported multiple well appraisal and exploration drilling campaign to be conducted and completed fully within the extended time frame.

Isle of Wight PEDL331 "Arreton Oil Discovery"

Doriemus has a 5% participating interest in a 200km2 onshore Isle of Wight Petroleum Exploration and Development License ("PEDL 331"). The Company has historically considered this asset to be a non-core asset but given the plans for drilling and development as set out below, the Company may consider this to be a more core asset.

The Isle of Wight PEDL331 Arreton license contains a discovery well Arreton plus several geologically similar prospects Arreton South and North prospects. Drilling of the Arreton-3/3z appraisal well with an expected extended flow test (EWT) is now scheduled to commence in the United Kingdom Autumn 2020, subject to the grant of necessary regulatory consents.

The Arreton South and North prospects are believed to contain Portland formation oil with further upside believed to be contained in both prospects within the underlying Inferior Oolite sequence.

The Operator's subsurface team have advised that they have also recently identified a further large undrilled anticlinal structure, the Arreton East Prospect, another look- alike to the Arreton discovery and lying further to the east along the same geological trend. Initial mapping shows this feature to be many times larger than both the Arreton oil discovery and Arreton South prospect combined. Further work and potential recoverable resources will be reported in due course.

Following completion of Arreton-3/3z, the Operator has advised that it currently plans to proceed directly to drill Arreton South, and if regulatory permissions are in place, to proceed directly to drill Arreton East in the United Kingdom Winter of 2020/21. The proposed United Kingdom Autumn/Winter drilling is designed deliberately to avoid the island's tourist season.

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CONTACT:

For further information on this update or the Company generally, please visit our website at www.doriemus.co.ukor contact:

Julia Beckett

Joint Company Secretary

Tel: [phone]

Email:[e-mail]

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE:

This announcement may contain forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of the Company's control. In respect to its UK operations, Doriemus is reliant on the information provided by the operators of those assets and does not control the day to day operations of these projects and is not always able to independently verify the information provided by such operators. Actual results and developments may differ materially from those expressed or implied. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by many variables which could cause actual results or trends to differ materially. To the maximum extent permitted by applicable laws, the Company makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this announcement and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this announcement.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

QUALIFIED PETROLEUM RESERVES AND RESOURCES ESTIMATOR STATEMENT:

Unless otherwise specified or referenced, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Gregory Lee, who is the Technical Director of the Company. Mr Lee has more than 30 years' diversified experience in the petroleum industry. Mr Lee is a chartered professional Engineer (CPEng) and a member of the society of petroleum engineers (MSPE) and has been an independent consultant Petroleum Engineer since 1992 and has sufficient experience in exploration for, appraisal and development, operations of oil and gas resources.

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