Midmar Energy Awarded New UK Onshore Licenses
Midmar Energy Ltd
Tuesday, July 01, 2008
Midmar Energy Ltd announced that it has been awarded two new onshore licenses in the 13th Landward Oil and Gas Licensing round. The Company announced details of the two new Petroleum Exploration and Development Licenses PEDL 248 and 230, which it now holds in addition to its existing UK onshore producing fields.
Midmar has considerable experience in UK onshore production with two existing producing fields in the Weald Basin, at Brockham in Surrey with Production Licence PL235 and at Lidsey in West Sussex with Production Licence PL241. Midmar is Operator and 100% interest owner of both fields. The award by the Department for Business Enterprise and Regulatory Reform of two additional Petroleum Exploration and Development Licenses further strengthens Midmar’s position in the Company’s focus area of the Weald Basin, within the UK. Midmar has been awarded a 100% interest in PEDL 230. The license is located at the western end of the Weald Basin in Hampshire close to, and on-trend with, other existing onshore producing fields such as Stockbridge. PEDL 230 contains a number of possible structures that have been identified on seismic data. The future work program will include the reprocessing of existing seismic data to confirm the presence of the structures in the Block prior to drilling in a couple of years time.
Midmar has also been awarded a 70% interest in PEDL 248, with the remaining 30% held by MPX Limited. PEDL 248 is an appraisal prospect as oil was originally encountered by wells previously drilled on the acreage by Gulf Oil and later by a well drilled by Conoco. Midmar believes that this is an extremely attractive prospect and the initial work program will include Midmar drilling an appraisal well within the initial license period. This acreage is also located on the Weald Basin, in Kent, a known oil producing basin.
Dr Thomas Redman, Managing Director of Midmar, stated, "We are excited to have been awarded two further attractive UK licenses within the known hydrocarbon producing Weald Basin. In current markets, we deem these licenses to be extremely attractive and of importance to the UK market in establishing further domestic onshore production. These awards strengthen our already recognized position onshore UK and further demonstrate our expertise in this area. In addition to the widening of our UK position, Midmar continues to actively pursue international opportunities where it can apply its acknowledged expertise in exploration and production.”