David Lenigas’s Doriemus PLC (ISDX:DOR) confirmed it has been granted a stake in an exploration venture on the Isle of Wight.
Doriemus agreed the acquisition of Angus Energy’s 5% interest in PEDL331 licence, which covers 200 square kilometres onshore.
The small cap oil explorer is already partnered with both UK Oil & Gas Investments Plc (LON:UKOG) and Solo Oil (LON:SOLO) in the Horse Hill discovery, a site within southern England’s Weald basin, close to London Gatwick airport.
On the Isle of Wight the companies are looking at the Arreton conventional oil discovery, which was made in the 1970s.
Lenigas, executive chairman of Doriemus, in a statement highlighted what he called “tremendous potential” within the PEDL331 area.
“The licence contains a significant conventional oil discovery in the Arreton-2 well, previously drilled by British Gas in 1974,” Lenigas said.
“We look forward to being part of the partnership that can now move forward to realise the potential of the Licence.”