News

December 18, 2009

Melrose Resources Lifts 2010 Production Guidance And Ups Its Exploration Spend

Melrose Resources has laid out its plans for 2010, which will see the company delivering net production of 17.5 million barrels of oil equivalent per day and spending US$169 million on exploration and development activities. Exploration activities will take up more of the spend in 2010, about one third of the total budget compared to 20 per cent in 2009, as the company seeks to chase down the potential reserves on its frontier exploration blocks in Egypt and Turkey.

Next month will see Melrose start shooting a 2,000 km 2D seismic survey over the Mesaha Block in southern Egypt, thought to house a major unexplored sedimentary basin.  The first well will spud here in Q4 2010, adding some real drillbit spice to what is normally more of a development and oil price stock. 
Melrose also plans to shoot up to 500 km of 2D over the South Mardin block in Turkey, on the Syrian border.  This frontier exploration concession covers almost 4,000 sq km...