Doriemus feeling upbeat after year of investment

Oil and gas focused Doriemus ended 2014 with a strong balance sheet and said it was confident that its investments made during the period were "potentially very rewarding".

It ended the period with no debt and as of 26 June had assets amounting to around £1.6m, of which £1.2m was cash.

Total revenue was £0.1m compared to £0.2m a year earlier, while losses widened to £0.6m from £0.5m.

The firm said it was well-placed to create meaningful future shareholder value and that it would continue to seek out further investments.

It also predicted "significant improvements" in production at the two Angus Energy-owned licences in which it has a 20% interest, with a new crestal production well proposed to be drilled on Lidsey and a sidetrack of an existing well proposed on Brockham.

"We should also know the outcome of the Horse Hill-1 well test with relation to the commercial viability of the Portland oil discovery and further ‘proof of concept’ for the Kimmeridge Limestone play."

The share price had risen 3.7% by 2:52.