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FOR IMMEDIATE RELEASE
29th
June 2009
MIDMAR ENERGY ANNOUNCES SALE OF UK ONSHORE PRODUCING ASSETS
FOR GBP£2.0 MILLION
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.
Full press release
here.
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