News

June 30, 2009

Midmar Energy Sells Onshore Fields For £2 Million As It Seeks Further International Expansion

Six months ago, privately-owned E&P Midmar Energy told oilbarrel.com of its plans to divest its two producing oilfields in the south of England in order to expand the business internationally. That goal has now been achieved, with the sale of the Lidsey and Brockham oilfields in the Weald Basin to Australia firm Key Petroleum.

The ASX firm has agreed to pay £2 million for the fields, which together produce about 85 barrels per day with the crude trucked to the nearby BP Hamble facility at Southampton. There is scope to increase production, with a Schlumberger report of 2002 indicated that Lidsey could support production of over 500 bpd using horizontal drilling techniques.  Key’s CEO Ken Russell said the deal provided the Perth-based firm, which partners Aminex in Tanzania, with “an ideal low risk entry into oil...