Midway Resources seeks buyout at €1.3bn field

Midway Resources seeks buyout at €1.3bn field

A POTENTIAL €1.3bn Nigerian oilfield project backed by former Anglo Irish Bank chairman Sean FitzPatrick may help clear the bankrupt banker’s €110m debts if it is sold to a rival oil firm.
Cayman Islands-based oil group Midway Resources International has indicated that it is trying to buy into the Nigerian Ekeh oil field, which is owned by a consortium that includes FitzPatrick.
An “acquisition is currently under negotiation,” according to the company. Midway Resources CEO Peter Worthington did not comment when approached by the Sunday Independent last week.
The owner of the Ekeh field is a company called Movido Exploration, whose shareholders include Sean FitzPatrick, the former non-executive chairman of Anglo Irish Bank.
The other shareholders in the scheme are former Anglo director and ex-Dublin Docklands Development chairman Lar Bradshaw, oil engineer Jim O’Driscoll and a group of Nigerian business people and former military personnel. These include a former vice-admiral in the Nigerian navy, Victor Ombu. FitzPatrick, Bradshaw and O’Driscoll are believed to own about 39 per cent of Movido Exploration.
FitzPatrick’s stake in Movido exploration is now held by his bankruptcy assignee. The Movido equity is potentially worth hundreds of millions and could be used to clear the banker’s debts.
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