News

June 29, 2009

Midmar Energy Announces Sale Of Uk Onshore Producing Assets For Gbp£2.0 Million

Midmar

Midmar Energy Limited (“Midmar”), the UK-based exploration and production company active in the UK and Southern Iraq, today announces that it has entered into an agreement for the sale of Midmar Energy Onshore Limited (“MEOL”) for a sum of GBP£2.0 million to Key Petroleum Ltd (ASX: KEY), the West Perth based exploration and production company. The assets included in the sale are MEOL’s two 100% owned and operated UK onshore producing oilfields, Lidsey and Brockham, located in the Weald Basin in the southeast of England. The sale demonstrates Midmar’s stated strategy of building value through the sale of key UK assets in order to expand its international interests in Southern Iraq and elsewhere.

Midmar has significant experience in UK onshore production. In addition to the two producing fields included in the sale; Brockham Production Licence PL235 near Brockham in Surrey and Lidsey Production Licence PL241 in Lidsey, Hampshire, the Company has three further UK onshore licences which it retains.
These include two onshore licences in the Weald Basin, awarded in the 13th UK Onshore Licensing Round; Andover PEDL 230 (100% owned) and Bidborough PEDL 248 (70% owned), in addition to...