News

November 11, 2009

Melrose Resources Gets The Go-Ahead For The Development Of The Kavarna and Kaliakra Gas Fields In Bulgaria

While the financial results from Edinburgh-based Melrose Resources were nothing to write home about when we them reported in August – revenue and profits were sharply down for the first six month of 2009 because of the collapse in the oil price at that time – the FTSE 250 company continues to be upbeat in its operations reports.

The latest news concerns its activities in Bulgaria.  The company has announced the Bulgarian government has issued a Certificate of Commerciality for the Kavarna gas field and the company has now submitted an application for a similar certificate for the Kaliakra field. We wrote in August that Melrose enjoyed success with its appraisal wells in both Kavarna and Kaliakra. The government approval effectively commences the development of the Kavarna field, which contains estimated reserves...